- Moneyhub, a payment, open finance and open data services provider, has confirmed a new co-lead investor in the form of Phoenix Group.
- Moneyhub will receive around £15 million from Phoenix Group as part of the deal.
- “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,” said a senior figure at Moneyhub.
Moneyhub, a provider of open finance and open data services, has announced that it has a new co-lead investor, Pheonix Group, a provider of insurance services.
Press reports said that Pheonix Group joins Legal & General and Lloyds Banking Group as supporters of Moneyhub.
Moneyhub, which is also an international money transfer platform, will receive around £15 million from Phoenix Group as part of the deal. Overall, Moneyhub has raised around £55 million in total.
It also has a debt facility in progress from Shawbrook Bank, although this is still subject to the green light from regulators.
Samantha Seaton, CEO of Moneyhub, said that the extra investment from Phoenix Group reflected the rising prospects for open data.
She also contextualised the investment alongside previous moves to support Moneyhub.
“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,” she said.
She added that the firm was “delighted” about the latest actions of Phoenix Group – and said that a “trusted data sharing approach” was right.
“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,” she explained.
And she also said that Moneyhub has been “a trailblazer” since the push towards improved data use began.
“Since the beginning, Moneyhub has been a trailblazer and at the vanguard of the data and payments revolution,” she said.
And she added that the solutions offered by the company in this regard were “market-leading”.
“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,” she said.
For Standard Life, meanwhile, Chief Executive Andy Curran said that open data had the power to change “customer interactions” throughout the sector.
“Open Data is revolutionising customer interactions across our industry, powering new and innovative solutions, and offering greater flexibility to individuals to manage their financial well-being,” said Andy Curran.
The world of fast money transfer is ever-changing – and there’s a lot going on in the industry. Check out more details about the latest happenings over at our online money transfer pages.
