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Legal & General and Lloyds Banking Group lead £35 million investment in Moneyhub

Legal & General and Lloyds Banking Group lead £35 million investment in Moneyhub

UK open finance and data platform Moneyhub has secured an initial £35m 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 and use Moneyhub's open data transactional technology to provide personalised services to customers.

Wian Pieterse, fintech MD, at Legal & General comments: “At Legal & General 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."

This is Moneyhub’s largest funding round to date and follows an $18 million raise in early 2021, led by the founder of Direct Line and Esure, Sir Peter Wood with the backing of previous investors including Nationwide Building Society.

The firm curently works with over 100 clients, including 30 high-profile enterprise firms within financial services, retail, and telecoms including Aon, KPMG, Mercer, Nationwide Building Society, Samsung, and Vodafone reaching 150 million end-users across the UK and worldwide.

Samantha Seaton, CEO of Moneyhub says the new investment - part of a larger raise that is underway - "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."

For Lloyds Banking Group, the deal forms part of a new strategy by the bank to invest in market-leading fintechs.

Kirsty Rutter, fintech investment director at Lloyds Banking Group comments: “This investment in market leading Open Finance and Open Data, represents an important step for us at Lloyds Banking Group. 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 Moneyhub to use Open Data and API technologies to help consumers improve their financial wellbeing, make our products more relevant to customers, and our channels simpler and more personalised to use.”

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