Phoenix Group, Legal & General and Lloyds Banking Group Back Moneyhub

Lloyds Banking

Phoenix Group, Legal & General and Lloyds Banking Group have invested 55 million pounds in Moneyhub.

Following the announcement of a 35 million pound ($42.5 million) investment provided by Legal & General and Lloyds Banking Group in October, on Tuesday (Dec. 20), Moneyhub announced that Phoenix Group has topped up the funding round with an additional 15 million pounds, bringing the total to 50 million pounds ($60.7 million) plus a 5 million pound ($5.07 million) credit facility from Shawbrook Bank.

Phoenix Group, a savings, insurance and pensions provider, will join existing investors Legal & General and Lloyds Banking Group with a minority stake in the business, building on an existing relationship between Moneyhub and Standard Life, which is part of Phoenix Group.

In that partnership, Standard Life has incorporated Moneyhub’s open finance platform into a financial wellness product for its pension customers. The company said it will continue to provide Standard Life “more tailored, customer-centric services through consumer-driven data and Open Banking payments.”

The combined funding will be used by Moneyhub to invest in product development and accelerate its international expansion, the company stated in a press release.

“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,” Moneyhub CEO Samantha Seaton said in the press release.

Standard Life Chief Executive Andy Curran said, “Open Data is revolutionizing customer interactions across our industry, powering new and innovative solutions, and offering greater flexibility to individuals to manage their financial wellbeing.”

He added that “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 personalized solutions that better meet their financial wellbeing needs.”

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