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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Moneyhub raised an additional $18.2 million (£15 million) from savings and retirement business Phoenix Group.
The investment is the second part of a 48.6 million (£40 million) Moneyhub received in October, and brings the company’s total funds to $81.6 million.
Phoenix Group’s Standard Life is a long-standing client of Moneyhub.
Open finance solutions company Moneyhubannounced it received an additional $18.2 million (£15 million) investment. Today’s funds come from savings and retirement business Phoenix Group.
The funding round is a follow-on to the recent $48.6 million (£40 million) Moneyhub received in October. Legal & General and Lloyds Banking Group led that round, contributing $42.4 million (£35 million), and Shawbrook Bank provided an additional $6 million (£5 million) in debt funding. Moneyhub’s total funding now adds up to $81.6 million.
Moneyhub was founded in 2014 and creates software for open banking, open finance, and open data applications. Organizations leverage these tools to add data aggregation, insights, and payment systems to their applications in order to create a more personalized digital experience for their end users. U.K.-based Moneyhub plans to use the investment to develop its solutions and expand globally. The company currently counts more than 100 organizations, including more than 30 high-profile enterprise firms, as clients.
Phoenix Group’s Standard Life is a long-standing client of Moneyhub. The firm leverages Moneyhub’s Open Finance platform to create Money Mindset, a financial wellness proposition for workplace pension customers.
“We are delighted that Phoenix Group has chosen to go even further by investing in the business,” said Moneyhub CEO Samantha Seaton. “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.”
Legal & General and Lloyds Banking Group have invested $40 million (£35 million) in open data and payments platform Moneyhub.
Along with the equity capital, Moneyhub received an additional $5.7 million (£5 million) debt facility courtesy of Shawbrook.
Moneyhub made its Finovate debut at FinovateEurope in 2015 in London. Samantha Seaton is CEO.
The $40 million (£35 million) in funding raised by open finance and payments platform Moneyhub will give minority stakes to investors Legal & General and Lloyds Banking Group. The two backers will leverage their relationship with Moneyhub to enhance their own offerings with Moneyhub’s open data technology. At the same time, the capital, along with an additional $5.7 million (£5 million) debt facility courtesy of Shawbrook, will enable Moneyhub to speed development of its products in areas ranging from pensions and payments to affordability and Data-as-a-Service. The funding will also support Moneyhub’s plans to further international expansion.
“(The) new investment helps us signal a step change in the way the financial services industry thinks about Open Data and the possibilities it presents,” Moneyhub CEO Samantha Seaton said. “Understanding and utilizing customer transaction data for the benefit of the customer’s financial wellbeing not only helps businesses fulfill their Consumer Duty regulatory obligations, but also empowers them to create further opportunities.”
Moneyhub enables companies to transform data into personalized digital experiences and initiate payments. Offering both APIs and its customizable Open Data Platform, Moneyhub serves businesses in industries from pension companies and wealth managers to banks, lenders, and insurance companies. Moneyhub boasts seamless, single source connectivity to thousands of financial institutions in 37 countries, helping ensure its clients can build a comprehensive portrait of their customers’ financial needs, habits, and goals.
Moneyhub’s largest funding round to date, this week’s capital infusion is part of a larger fundraising effort and follows a 2021 investment of $18 million led by Peter Wood, founder of Direct Line and Esure. At the time, the funding was the largest secured by a female fintech CEO in Europe that year. Moneyhub currently has more than $63 million in capital raised, according to Crunchbase.
Moneyhub made its Finovate debut in 2015 at FinovateEurope in London. Founded in 2011 and headquartered in Bristol, the company also announced this week that it was teaming up with SME health and wellness care provider MorganAsh. The support services provider will use Moneyhub’s technology to access customer financial data to enhance their ability to provide real-time consumer vulnerability assessments. The partnership will also help MorganAsh fulfill its obligations for Consumer Duty, a requirement issued by the U.K. Financial Conduct Authority in July that governs implementation of open finance/open data products.
“Consumer Duty and Open Finance herald a new era of customer-focused firms and financial resilience,” Moneyhub Business Development Director Vaughan Jenkins said. “Smart, forward-looking businesses will seize this moment and benefit from it.”
The partnership is the first of its kind, according to both Samsung and Moneyhub, and is designed to provide new payment options for merchants such as quick-service restaurants, retail stores, stadium events, as well as other hospitality-related venues. Customers using the technology will be able to send funds directly from their bank account to the merchant’s account via bank transfer, leveraging a fast and secure payment method that does not require the customer to share credit or debit card information. Using the kiosks is similarly straightforward. Customers simply use their mobile device to scan the QR code on the kiosk’s screen to make their order and manage their payment.
“We are delighted to achieve a world-first with Samsung by bringing the speed, security and cost effectiveness of Open Banking payments to our increasingly fast-paced world,” Moneyhub CEO Samantha Seaton said. “Payments is the new frontier for Open Banking and it is thrilling to see another necessary and impactful business case that brings together the quality of the Samsung kiosk, with the benefits of this new and exciting way to pay.”
The new payment option also will save merchants money by enabling them to avoid the costs associated with credit and debit cards, fees that can consume as much as 5% of their revenue. Open banking payment fees, by contrast, are typically less than 1% of the transaction value. The combination of open banking payments and self-service POS kiosks also helps support businesses’ digital transformation efforts.
Samsung Head of Display Damon Crowhurst highlighted this benefit of the new offering. “Though our partnership with Moneyhub, we are continuing to bring innovative solutions that help our customers navigate the complex landscape of a fast changing business environment,” Crowhurst said. “Implementing the open banking solution on our kiosk platform helps customers drive increased profitability, through efficient, scalable, and cost-effective solutions that are applicable for retail businesses of all sizes.”
A Finovate alum since 2015, U.K.-based Moneyhub began 2022 with the launch of its open banking and open finance front line support service. The new integrated support service, available on both a standalone basis as well as integrated into the clients’ own customer service platforms, provides expert support directly to end-users to help them manage all aspects of open banking and open finance. The company also announced early this year that it was broadening its platform beyond open banking and open finance to embrace open data. The move, which Seaton called “a natural next step in Moneyhub’s journey,” will give clients consensual access to a wide range of cross-industry data including employment, tax, and flexible benefit data, as well as property valuations, identity documents, carbon footprint information, and more.
“We want to put trust, through control of their data, back into the hands of the consumers,” Seaton said, “and in doing so support them in making better financial decisions.”
Samsung made its Finovate debut in 2017 at FinovateFall. At the event, the company demonstrated its Samsung Galaxy S8 smartphone; its biometric authentication solution, Samsung SDS Nexsign; and Samsung DeX which enables users to connect their Samsung Galaxy S8 smartphone to a monitor and keyboard for a desktop experience that supports contextual menus, drag-and-drop functionality, and resizable windows.
In its biggest investment round to date, U.K.-based Open Finance platform Moneyhub has secured $18 million in funding to support its expansion into new markets. The round was led by Sir Peter Wood, founder of Direct Line and Esure, via his new investment vehicle, SPWOne.
“It is incredibly rewarding to be able to deliver results to both investors and clients in this truly transformational landscape,” Moneyhub CEO Samantha Seaton said. “It is a fantastic vote of confidence from Sir Peter and his team, who are renowned for foreseeing game-changing growth opportunities – and a ringing endorsement of our team and our strategy for applying new technology where the rules of engagement have been turned upside down.”
A Finovate alum for more than four years, Moneyhub demoed the SmartAsset feature of its solution at FinovateEurope 2017. At the event, the company showed how SmartAsset’s AI-driven, intelligent messaging functionality helps users better manage their finances. In the years since, Moneyhub has grown into a leading open finance and data intelligence platform that offers both API and white label solutions to help businesses leverage personalization to enhance the customer experience. In the U.K., Moneyhub currently provides customer-permissioned financial data access to more than 200 financial services providers via 584 connections with an additional 3,500 connections in Europe.
Moneyhub’s funding announcement comes on the heels of a new partnership with Triodos Bank, a sustainable bank that supports working toward positive social, environmental, and cultural change. Founded in 1980, Triodos Bank serves more than 700,000 banking customers in the U.K., Germany, Spain, the Netherlands, and Belgium. The bank has lent more than £8 billion to support projects around the world that are dedicated toward “benefitting the people and (the) planet.” Triodos Bank also co-founded the Global Alliance for Banking on Values (GABV), a 63-bank network designed to promote sustainable banking.
“We are pleased that our customers will now be able to integrate their everyday banking with Moneyhub’s app and enjoy the many benefits of Open Banking, such as helping them to easily track spending and set budgets to help manage money,” Triodos Bank U.K. head of retail banking Gareth Griffiths said.
In addition to its partnership with Triodos Bank, Moneyhub teamed up with mortgage market insights and intelligence firm Hometrack, shared branch banking innovator OneBanks, and adtech specialist Zedosh this summer; partnered with financial health platform Level Financial Technology and charitable fundraising app Kynder this spring; and began the year collaborating with professional services company Aon and ESG investment platform The Big Exchange.
Branded payments provider Blackhawk Network has teamed up with open finance data and intelligence platform Moneyhub to ensure compliance with open banking standards. Via the partnership, Blackhawk Network will be able to validate third-party providers, connect to them through live applications, and enable them, with user consent, to access user data and initiate payments.
“Using Moneyhub’s compliance solution means that we can adopt the industry best-practice approach to PSD2 in authorizing our unique prepaid card offering,” Stacey Richards, who handles Product Management for Blackhawk Network, explained. “We share the fundamental desire to deliver a transformative experience for the end-user with Moneyhub, and we look forward to working with the team to deliver on our ambitious vision for the future.”
Blackhawk Network helps businesses leverage branded payments to reach more customers, build engagement and loyalty, and increase revenue. A Finovate alum since 2012, the company has more than 3,000 workers around the world, and serves 26 countries with its branded payment solutions. Blackhawk features 1,000+ brands in categories ranging from dining and entertainment to retail and home improvement. The Pleasanton, California-based company went public in 2013, and was acquired by Silver Lake and P2 Capital Partners in 2018 in a deal valued at $3.5 billion.
More recently, Blackhawk acquired Edge Loyalty Systems, an Australian sales promotions and loyalty firm, for $23 million (A$32.2 million). This spring, the company purchased SVM Cards for an undisclosed sum.
Moneyhub’s partnership with Blackhawk is the company’s third collaboration this year. In June, Moneyhub teamed up with Lumio, a money management app. The following month, the company partnered with investment performance analytics firm, ARQ.
“Our Open Banking expertise means that we are able to deliver a comprehensive compliance solution to Blackhawk Network, ensuring that it remains a leader in the market and delivers excellence to current and future clients,” Moneyhub CTO Dave Tonge said. “Our growing product offering and the multi-use nature of our proposition means that we are able to work alongside Blackhawk Network and help support their growth and aspirations.”
Founded in 2011 and based in Bristol, U.K., Moneyhub made its Finovate debut at our European conference in 2015. Nationwide Building Society is the company’s primary investor, having led a corporate round for Moneyhub in the fall of 2018.
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Financial tools company MoneyHubannounced today it received an undisclosed amount of funding from the venture arm of financial services giant Nationwide, which used a portion of its $64.5 million fund to take a minority stake in the U.K.-based fintech.
Tony Prestedge, deputy chief executive at Nationwide Building Society, said, “It’s important that the Society invests for the future to ensure we remain at the forefront of innovation. Investing in start-ups like Moneyhub helps us identify, learn about, and explore new capabilities and technologies that will help deliver our technology strategy both now and in the future.”
Interestingly, this isn’t MoneyHub’s first tie-up with the insurance industry. The company was acquired by South African insurance company MMI Holdings in 2014.
Founded in 2009, MoneyHub offers direct-to-consumer, direct-to-advisor, and enterprise versions of its personal financial management technology. The company aggregates consumers’ financial data onto a single platform to offer a holistic view of their overall financial health. In August, MoneyHub received authorization as a payment initiation services provider from the U.K.’s Financial Conduct Authority. This certification enables the firm to allow users to initiate payments across accounts from within its platform.
In April, MoneyHub solidified its commitment to open banking by partnering with challenger banks Monzo and Starling in an integration that enables the banks’ clients to use the Moneyhub app to link their checking and savings accounts, credit cards, pensions, loans, mortgages, SIPPs, ISAs, and investments. “While we have years of experience in innovating and unlocking the benefits of new technology, we aren’t complacent. We know that by working together with start-ups we can learn from each other and ensure we are best placed to help our members get the most out of new technology in the future,” said Prestedge.
MoneyHub most recently presented at FinovateEurope 2017, where it debuted the SmartAssist tool for the enterprise version of its software. SmartAssist is an intelligent messaging feature that leverages AI to help consumers manage their finances and plan for the future.
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When the going gets tough, the tough add payment initiation services to their offering in order to make it easier for users to initiate payments from multiple accounts with a single platform.
That’s the plan of account aggregation specialist Moneyhub, which announced today that it has secured PISP authorization from the Financial Conduct Authority (FCA). This will enable the Bristol, U.K.-based firm to more readily integrate with its bank partners – including new partners Starling and Monzo – and to support payment initiation from bank accounts via the Moneyhub platform. The company is currently linking to additional bank APIs and has launched an API gateway to support data sharing and product development with third party firms.
“The introduction of Open Banking has been transformative for people’s relationships with their finances but its potential is only just being realized,” Moneyhub CEO Samantha Seaton said. “The end of tedious financial administration on the journey to ever increasing financial wellbeing starts here.”
Already operating as an Account Information Services Provider (AISP), Moneyhub aggregates data from multiple accounts and makes the data available in a single location. This makes it easier for consumers to get a holistic view of their finances – from current accounts and credit cards to loans and pensions. PISP authorization adds direct payment functionality to the platform, leading Seaton to announce “frictionless finance has arrived.”
Moneyhub demonstrated its Moneyhub Enterprise SmartAssist solution at FinovateEurope 2017. SmartAssist is an AI-powered, proactive intelligent messenger that helps consumers manage their finances through personalized savings, investment, and borrowing recommendations. Founded in 2009, Moneyhub was acquired by South African insurance company, MMI Holdings in 2014.
Earlier this year, Moneyhub announced an integration with Intelliflo, enabling two-way sharing between financial advisors and their clients. Also this year, the company was shortlisted for the Best Fintech Health and Well Being Innovation Award from the Corporate Advisor Awards 2018.
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