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Direct Line founder backs Moneyhub

Direct Line founder backs Moneyhub

UK Open Finance platform Moneyhub has raised $18 million in a funding round led by the founder of Direct Line and Esure, Sir Peter Wood.

Wood is leading the round through his newly formed vehicle, SPWOne. Previous investors, including Nationwide Building Society, are joining the round.

The Moneyhub platform provides a suite of Open Banking and Open Finance data connections, intelligence and payment solutions through APIs and white label products.

This means, says the firm, that clients such as Nationwide and Standard Life can access data, analytics and actionable insights to drive customer engagement through hyper-personalised experiences.

The funding will be used to continue Moneyhub's push into new areas such as wealth, insurance and retail, as well as to expand into Europe.

Says Wood, said: "Open Finance is a permanent technological revolution, fundamentally changing the way businesses interact with their customers. I believe Moneyhub is an outstanding innovator led by a strong management team and is well positioned to be a global leader in the open finance space."

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