Phoenix Group, Legal & General and Lloyds Banking Group led a £55m funding round in Moneyhub.

Phoenix Group, a long-term savings and retirement business, Legal & General, a financial services provider, and Lloyds Banking Group, a UK-based financial services group, led a £55m funding round in Moneyhub, a developer of an open finance platform, with participation from Shawbrook Bank. “We are delighted to be working with Legal & General and Lloyds Banking Group and their recognition of the fabulous opportunity that Moneyhub presents to not only them but the clients we currently serve, as well as the wider market. Their new investment 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. 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. We are delighted that Phoenix Group has chosen to go even further by investing in the business. With Consumer Duty and Pensions Dashboard driving the need to focus on consumer outcomes, the only answer is to work in a trusted data sharing approach with your customers," Samantha Seaton, Moneyhub CEO.