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Standard Life parent invests £15m in Moneyhub

Standard Life parent invests £15m in Moneyhub

UK open finance and data platform Moneyhub has topped up a previously announced funding round with a £15 million investment from savings and retirement business Phoenix Group.

The new money follows an October raise of £35 million from Legal & General and Lloyds Banking Group and a £5 million debt facility provided from Shawbrook.

The deal sees Phoenix Group join Lloyds and Legal & General as a minority shareholder in Moneyhub.

Phoenix unit Standard Life already has a commercial relationship with Moneyhub through a financial wellness proposition for workplace pension customers. The two will now look to build on the partnership.

Specifically, Moneyhub points to the UK's upcoming Consumer Duty and Pension Dashboard legislation, which it says its open data technology can help Standard Life with.

Andy Curran, chief executive, Standard Life, says: "Open Data is revolutionising customer interactions across our industry, powering new and innovative solutions, and offering greater flexibility to individuals to manage their financial wellbeing.

"Moneyhub is at the forefront of setting standards for the sector and a natural partner for Phoenix Group and our Standard Life business as it drives data regulation and access to Open Finance."

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