Moneyhub Kicks Off Fundraise With £40M From Legal & General, Lloyds Bankby Fintechnews Switzerland October 26, 2022
Open finance platform Moneyhub has secured an initial £35 million in its latest funding round led by asset manager Legal & General and Lloyds Banking Group, with an additional £5 million debt facility provided by Shawbrook Bank.
The investment will help to accelerate the ongoing development of Moneyhub’s solutions, including those around pensions and wealth, payments, distribution, affordability, and data-as-a-service.
This is the company’s largest funding round to date following a fundraise in early 2021 from Sir Peter Wood’s SPWOne and NBS Ventures, and a round prior to that in 2018 from Nationwide Building Society.
Moneyhub’s high-profile enterprise clients currently include Aon, KPMG, Mercer, Samsung, and Vodafone — reaching 150 million end-users across the United Kingdom and worldwide.
Legal & General and Lloyds Banking Group will each take minority stakes in the company, with Legal & General’s investment partially subject to regulatory approval.
“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,”
said Wian Pieterse, Fintech MD at Legal & General.
“This is Lloyds Banking Group’s first fintech investment following the announcement of our new strategy earlier this year.
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,”
said Kirsty Rutter, Fintech Investment Director at Lloyds Banking Group.