Bristol-based open finance and data platform Moneyhub raises £40m
Moneyhub, the Bristol-based 0pen finance data, intelligence and payments platform has raised an initial £35 million in funding from high profile backers Legal & General and Lloyds Banking Group, with an additional £5m debt facility provided by Shawbrook.
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.
The investment will help to accelerate the 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 help speed up its highly scalable and "border agnostic" technology (Editor: not entirely sure what this means – but it might be important so I'm leaving it in).
This is Moneyhub’s largest funding round to date and follows a fundraise in early 2021, led by Sir Peter Wood, founder of the technology-based insurance disruptors Direct Line Group, and Esure, and founder of investment vehicle SPWOne.
Moneyhub works with more than 100 clients creating personalised products and services in order to boost revenue, drive innovation and reduce costs. Moneyhub's clients include Aon, KPMG, Mercer, Nationwide Building Society, Samsung and Vodafone reaching 150 million end-users across the UK and worldwide.
https://www.businessinnovationmag.co.uk/bristol-based-moneyhub-partners-with-financial-health-pioneer-otto/
Samantha Seaton, CEO of Moneyhub, said: “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.”
Wian Pieterse, Fintech MD, at Legal & General, added: “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.”
Kirsty Rutter, Fintech Investment Director at Lloyds Banking Group, said: “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
This deal was supported by Corporate Finance Advisors DC Advisory and Lawyers CMS.
