Moneyhub lands £40m investment from Legal & General, Lloyds and Shawbrook
Data and payments fintech Moneyhub has secured an initial £35 million in funding from Legal & General and Lloyds Banking Group, with an additional £5 million debt facility provided by Shawbrook Bank.
Moneyhub lands £40m investment
Legal & General and Lloyds Banking Group are both set to take minority stakes in the business as well as utilise Moneyhub’s open data technology to boost their commercial offerings.
Lloyds’ fintech investment director Kirsty Rutter says it is the firm’s first fintech investment following “the announcement of our new strategy earlier this year”, which targets investment in technologies and partnerships that leverage data-driven insights to create value for customers.
Moneyhub says the cash will support the development of its wealth, pensions, payments, distribution, affordability and data-as-a-service solutions, among others. Funds will also go towards expanding the fintech’s international footprint and global client reach.
The investment is Moneyhub’s largest to date. It follows an £18 million raise in 2021 led by UK entrepreneur and innovator Sir Peter Wood, founder of insurance disruptors Direct Line and Esure.
Moneyhub CEO Samantha Seaton says the investment from Legal & General and Lloyds will help the firm “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,” Seaton adds.
