Open finance platform Moneyhub closes on £55 million, putting an extra £15million on top of October's fundraise

Moneyhub, a UK-based open finance data and payments integration company, has closed on £55 million in debt and equity funding from backers including banking group Lloyds and insurance group Legal & General.

The round includes £35 million of equity and £5 million in debt secured in October, with the two corporate investors supplying equity alongside UK specialist bank Shawbrook, which also agreed on the £5 million debt facility.

UK savings and retirement financier Phoenix Group has now committed £15 million to close out the round.

Moneyhub is an open finance data player in the UK, meaning app developers can use its ecosystem to exchange data across multiple financial players and streamline eligibility and affordability checks.

Phoenix's investment follows comments made by Moneyhub's CEO Sam Seaton in October suggesting the firm could IPO at some stage on London's stock exchange.

The UK is on the verge of embarking on at least two initiatives that will exploit open financial data sharing to significantly improve the customer's experience.

From September 2024, many of the UK's pension schemes will be expected to transfer data to a centralised dashboard system, enabling employees to check pension savings from multiple sources.

Meanwhile, further uptake of open banking switching tools and data collection is anticipated due to the forthcoming introduction of new rules on consumer-facing financial services pertaining to transparency.

Before Phoenix invested in Moneyhub, it was already working alongside the startup to bring its data up to open banking standards, and to begin accepting open banking payments on behalf of its customers.

Moneyhub raised $18 million of funding in early 2021 in a round led by Sir Peter Wood, a founder of insurance provider Direct Line Group.

Samantha Seaton, CEO of Moneyhub, said: "Since the beginning, Moneyhub has been a trailblazer and at the vanguard of the data and payments revolution. Our market-leading Open Data solutions have the ability to help businesses with their growth objectives, while, in turn, improving the financial lives of their customers.”