Moneyhub secures £15m from Standard Life parent to hit £55m funding

By Gloria Methri

Moneyhub, the Open Finance, Open Data, and payments platform has secured £15 million in funding from savings and retirement business Phoenix Group. The additional cash concludes Moneyhub’s largest fundraise to date, totaling £55 million.

The company previously raised £35 million on 24 October 2022 from Legal & General and Lloyds Banking Group, with an additional £5 million debt facility from Shawbrook Bank.

Standard Life, part of Phoenix Group, already has a commercial relationship with Moneyhub through a financial wellness proposition for Workplace pension customers – Money Mindset. Standard Life will look to enhance this partnership, using Moneyhub’s Open Data technology to support its strategic goals.

The overall investment will accelerate the ongoing development of Moneyhub’s solutions and expedite the internationalisation of its technology. With over 100 clients, Moneyhub is working to support Phoenix Group with the provision of more tailored, customer-centric services through consumer-driven data and Open Banking payments.

Samantha Seaton, CEO of Moneyhub said, “This additional investment from Phoenix Group, following our long-standing commercial relationship with its Standard Life business, is further testament to the growing possibilities the industry sees in Open Data, and the transformational role Moneyhub can play. We are delighted that Phoenix Group has chosen to go even further by investing in the business”.

Andy Curran, Chief Executive of Standard Life commented, “Moneyhub is at the forefront of setting standards for the sector and a natural partner for Phoenix Group and our Standard Life business as it drives data regulation and access to Open Finance. We are focused on helping people secure a lifetime of possibilities and look forward to working with the Moneyhub team to harness the power of Open Data. This will simplify our business and give more customers access to personalised solutions that better meet their financial wellbeing needs.”

This deal was supported by Corporate Finance Advisors DC Advisory and Lawyers CMS.