Moneyhub has announced that it has secured a further £15m in funding from savings and retirement business Phoenix Group.

This funding now completes Moneyhub’s largest fundraise to date, totalling £55m, following the £35m in funding announced in October from Legal & General and Lloyds Banking Group, with an additional £5m debt facility provided by Shawbrook Bank, partially subject to regulatory approval.

Phoenix Group will join existing lead investors Legal & General and Lloyds Banking Group with a minority stake in the business.

The investment aims to support the acceleration of the ongoing development of Moneyhub’s solutions and is expected to help expedite the internationalisation of its scalable and border agnostic technology.

Moneyhub is also expected to support Phoenix Group with the provision of more tailored, customer centric services through consumer driven data and Open Banking payments.

Commenting on the news, Moneyhub CEO, Samantha Seaton, stated: “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.”

Standard Life chief executive, Andy Curran, added: “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.

“We are focused on helping people secure a lifetime of possibilities and look forward to working with the Moneyhub team to harness the power of open data. This will simplify our business and give more customers access to personalised solutions that better meet their financial wellbeing needs.”

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