Moneyhub has secured an initial £35m in funding from Legal & General and Lloyds Banking Group, with an additional £5m debt facility provided by Shawbrook.

Legal & General’s investment in the open finance and payments platform is partially subject to regulatory approval.

Moneyhub said the investment will help to accelerate the development of its solutions, including those around pensions and wealth, payments, distribution, and affordability.

Lead Investors Legal & General and Lloyds Banking Group will take minority stakes in the business. Both will also each look to enhance their commercial propositions with Moneyhub’s services, using its open data technology to support strategic goals.

This is Moneyhub’s largest funding round to date and follows a fundraise in early 2021, led by founder of technology-based insurance disruptor, Direct Line Group, Sir Peter Wood.

“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,” Moneyhub CEO, Samantha Seaton, commented.

“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.”

Fintech MD at Legal & General, Wian Pieterse, added: “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.”

Share Story: