Moneyhub, a UK fintech backed by Lloyds and Legal & General, is closing its direct-to-consumer app, with dozens of staff said to be being laid off.
The Bristol-based open finance and data specialist is winding down its D2C offering, and instead will focus on its B2B business, the fintech said in a statement.
Founded in 2014, Moneyhub allows users to manage their financial affairs through an open-banking-powered app. Users can view all their finances across multiple bank accounts, credit cards, and other sources in a single location.
According to Fintech Futures, the axing of Moneyhub’s app will lead to the scrapping of 36 roles, equating to around 30 per cent of its workforce. Moneyhub did not confirm these numbers.
Moneyhub said its consumer-facing app would be wound down over the next 18 months.
The closing of the app follows Moneyhub earlier this year appointing tech veteran Alastair McGill as its new CEO, replacing Samantha Seaton, who stood down after eight years.
In a statement, Moneyhub pointed to the recent growth of its B2B business, which offers a range of investment, pensions, savings, and banking engagement products.
Moneyhub said:
“To better focus on these growing B2B markets we have decided to withdraw from our direct-to-consumer app business.
“As we transition our business we are restructuring the company to reflect the more targeted focus and in recognition that not every market we’ve pursued has matured as quickly as anticipated.
“As a result we have regrettably reduced the size of our Moneyhub team.
“Earlier this week we took the unfortunate step of advising a number of our colleagues that it was with deep regret that we were terminating their roles.
“This step was not taken lightly and we recognise that everyone affected contributed to Moneyhub’s success and we are grateful for their contributions. We are supporting them as far as possible as they seek their next opportunity.”
Moneyhub is backed by Lloyds, Legal & General and retirement financier Phoenix Group. In 2022, it secured a £55m funding round of mainly equity.
Last month, open banking fintech Vyne said it was closing its UK operation.
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