Phoenix invests £15m in payments platform Moneyhub

Written by Michael Griffiths

20/12/2022

Phoenix Group has invested £15m in Open Finance and payments platform, Moneyhub.

This funding now completes Moneyhub’s largest fundraise to date, totalling £55m, and follows the £35m in funding announced in October from Legal & General and Lloyds Banking Group, with an additional £5m debt facility provided by Shawbrook Bank, partially subject to regulatory approval.

Phoenix will also join Legal & General and Lloyds Banking Group with a minority stake in the business.

Standard Life, part of Phoenix, already has a longstanding commercial relationship with Moneyhub through a financial wellness proposition for Workplace pension customers, Money Mindset, which utilises Moneyhub’s Open Finance platform.

Moneyhub suggested the overall investment will support the development of its solutions and expedite the internationalisation of its highly scalable and border agnostic technology.

With over 100 clients, Moneyhub added that it will work to support Phoenix
with the provision of more tailored, customer centric services through consumer driven data and Open Banking payments.

Standard Life chief executive, Andy Curran, commented: “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.”

Moneyhub CEO, Samantha Seaton, added: “This additional investment from Phoenix, following our longstanding 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 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.”

Related Articles