· Phoenix Group joins as a co-lead investor alongside Legal & General and Lloyds Banking Group
· The announcement follows an initial £40 million in funding on 24 October 2022 from Legal & General, Lloyds Banking Group and Shawbrook Bank
Moneyhub, the market leading Open Finance, Open Data, and payments platform, today announces that it has secured a further £15 million in funding from leading savings and retirement business Phoenix Group. This funding now completes Moneyhub’s largest fundraise to date, totalling £55 million, following the £35 million in funding announced on 24 October 2022 from Legal & General and Lloyds Banking Group, with an additional £5m debt facility provided by Shawbrook Bank, partially subject to regulatory approval.
Phoenix Group will join existing lead investors Legal & General and Lloyds Banking Group with a minority stake in the business. Standard Life, part of Phoenix Group, already has a strong and long-standing commercial relationship with Moneyhub through a financial wellness proposition for Workplace pension customers - Money Mindset, which utilises Moneyhub’s Open Finance platform. Standard Life will look to enhance this partnership, using Moneyhub’s Open Data technology to support its strategic goals.
The overall investment will support the acceleration of the ongoing development of Moneyhub’s solutions and expedite the internationalisation of its highly scalable and border agnostic 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. Moneyhub empowers clients to accelerate their unique capabilities and strategic aims. With the upcoming Consumer Duty and Pension Dashboard legislation, Moneyhub’s capabilities are perfectly placed to support clients to benefit from and comply with these new opportunities, as well as support consumers through the cost-of-living crisis.
Samantha Seaton, CEO of Moneyhub comments: “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. With Consumer Duty and Pensions Dashboard driving the need to focus on consumer outcomes, the only answer is to work in a trusted data sharing approach with your customers.
“Since the beginning, Moneyhub has been a trailblazer and at the vanguard of the data and payments revolution. Our market leading Open Data solutions have the ability to help businesses with their growth objectives, while in turn improving the financial lives of their customers.
“I am proud to work with a large team of some of the most talented individuals in the sector that have helped us get to where we are today, and excited for all the possibilities and developments that lie ahead.”
Andy Curran, Chief Executive of Standard Life comments: “Open Data is revolutionising customer interactions across our industry, powering new and innovative solutions, and offering greater flexibility to individuals to manage their financial wellbeing.
“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.
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Contacts
Ingrid Anusic Marketing Director, Moneyhub ingrid.anusic@moneyhub.com
Andrew Claymore. Managing Director, DC Advisory andrew.claymore@dcadvisory.com
Eleanor Ross Senior Account Director, Teamspirit PR Agency ERoss@teamspirit.uk.com
Darragh Leeson Standard Life, part of Phoenix Group 07707270001 Darragh_leeson@standardlife.com
About Moneyhub
Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Over 100 organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.
Moneyhub currently has over 30 high-profile enterprise clients within financial services, retail, and telecoms including Aon, KPMG, Mercer, Nationwide Building Society, Samsung, and Vodafone reaching 150 million end-users across the UK and worldwide.
About Phoenix Group
Phoenix Group is the UK’s largest long-term savings and retirement business with £0.3 trillion of assets under administration.
As life expectancy continues to increase and the pension landscape continues to shift, we offer our c.13 million customers a broad range of pensions, savings and life insurance products across our consumer brands which include Standard Life, SunLife, Phoenix Life and ReAssure. Our vision is to help even more people on their journey to and through retirement, providing the right support at the right time.
We are a growing and sustainable business united by a common purpose – helping people secure a life of possibilities. This drives everything we do and means taking responsible and sustainable investment decisions and using our presence and voice to drive forward change for the better, for our customers, our colleagues, and our wider community.
A FTSE 100 company, we also feature in the FTSE100 ESG Select Index series and we are playing an active role in helping to invest in a sustainable future. As part of this, we have committed to our operations being net zero carbon by 2025 and for our investment portfolios we have set an interim target of a 50% reduction in the carbon emission intensity of c£250bn by 2030, as we progress towards our portfolios being net zero carbon by 2050 or sooner.
We have been recognised as a leading employer for many years. We are accredited as a Living Wage Employer and as a Carer Positive Exemplary Employer for offering the best support to colleagues who are carers.
Linkedin: PhoenixGroup-UK Twitter: @PhoenixGroupUK
About Standard Life
Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years
Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
Standard Life is part of Phoenix Group, the largest long-term savings and retirement business in the UK. We’re proud to be building on nearly 200 years of Standard Life heritage together
Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs and plan a future they feel confident about.