Moneyhub, a Bristol-based market leading Open Finance, Open Data, and payments platform, has secured an initial £35m in funding from high profile backers Legal & General and Lloyds Banking Group, with an additional £5m debt facility provided by Shawbrook. Legal & General’s investment is partially subject to regulatory approval.
Both Lead Investors will take minority stakes in the business whilst also looking to enhance their commercial propositions with Moneyhub’s services, using its Open Data technology to support strategic goals.
The investment will help to accelerate the ongoing development of Moneyhub’s solutions, including those around pensions and wealth, payments, distribution, affordability, and Data-as-a-Service. While Moneyhub is already present in several countries, the new funding will expedite the internationalisation of its highly scalable and border agnostic technology.
Creating an open financial world
The lead Investor funding forms part of a larger raise which has been sought to support the continued acceleration of Moneyhub’s growth across its spectrum of Open Banking, Open Finance, and Open Data solutions. Moneyhub has been rapidly growing across its chosen fields through understanding and delivering for its clients, and this funding will allow it to deliver further transformational expansion of its proposition, extend its capabilities and improve its global client reach.
Moneyhub achieves a new personal best as this latest investment becomes its largest funding round to date following a fundraise in early 2021. On this exciting news of leading yet another successful funding round, Samantha Seaton, CEO of Moneyhub tells us, “We are delighted to be working with Legal & General and Lloyds Banking Group and their recognition of the fabulous opportunity that Moneyhub presents to not only them but the clients we currently serve, as well as the wider market.
“Their new investment helps us signal a step change in the way the financial services industry thinks about Open Data and the possibilities it presents. Understanding and utilising customer transaction data for the benefit of the customer’s financial wellbeing not only helps businesses fulfil their consumer duty regulatory obligations, but also empowers them to create further opportunities.
“We’ve been at the forefront of the data revolution and are now the mature and trusted choice for businesses looking to make the most of its capabilities.
“Moneyhub has enjoyed significant growth over its lifetime, and this latest funding round will allow us to continue on this trajectory. I am extremely proud of the team at Moneyhub for their efforts in helping the business get to this point. I’m thrilled to be on this journey with support from Legal & General and Lloyds Banking Group, and so many talented individuals across the Moneyhub team.”
The company was originally founded on the frustration of how difficult it was for consumers to access and interact with their financial data and so the team set out on a mission to improve financial wellbeing. Whilst the business has now evolved, the Moneyhub app also allows users to access all their accounts securely in one place, covering pensions, mortgages, loans, investments, savings, properties and current accounts, to name a few. This new stream of funding puts the fintech on the next stepping stone to expand its reach.
Its two investors are looking forward to see what the future holds with these newfound partnerships. Wian Pieterse, Fintech MD, at Legal & General comments, “At Legal & General we believe data is key to helping customers make informed decisions and ultimately get better financial outcomes.
“Moneyhub is a leading provider in open data and so was an obvious choice for us to invest in to accelerate our commercial goals and support the growth of our Workplace savings business. Beyond the numbers, Moneyhub’s purpose, to improve financial wellbeing, fits well with our own purpose of building a better society to improve the lives of customers whilst creating value for shareholders. We see significant potential for a meaningful long-term relationship with Sam and her team and we are very excited to work with Moneyhub as they continue to grow.”
“This investment in market leading Open Finance and Open Data represents an important step for us at Lloyds Banking Group,” Kirsty Rutter, Fintech Investment Director at Lloyds Banking Group tells us. “This is the first fintech investment following the announcement of our new strategy earlier this year, which targets investment in technologies and partnerships that leverage data-driven insights to create value for customers.
“We are focused on identifying and exploring opportunities for investment into fintechs, and we are excited to work with Moneyhub to use Open Data and API technologies to help consumers improve their financial wellbeing, make our products more relevant to customers, and our channels simpler and more personalised to use.”
This deal was supported by Corporate Finance Advisors DC Advisory and Lawyers CMS.
Shona Wright
Shona covers all things editorial at TechSPARK. She publishes news articles, interviews and features about our fantastic tech and digital ecosystem, working with startups and scaleups to spread the word about the cool things they're up to.
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