Pheonix Group, a savings and retirement firm, has invested £15 million in Moneyhub, open finance and data platform.
According to Finextra, the new funds come on the heels of a £35 million loan from Legal & General and Lloyds Banking Group in October and a £5 million debt facility from Shawbrook.
In addition, Pheonix Group will become a minority shareholder in Moneyhub, joining Lloyds and Legal & General.
Through a prior fiscal wellness proposition for workplace pension customers, Phoenix unit Standard Life already has a commercial relationship with Moneyhub. With this new round of funding, the two will look to expand their partnership.
Moneyhub mentioned the UK’s upcoming Consumer Duty and Pension Dashboard legislation, claiming its open data technology will assist Standard Life.
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“Open Data is revolutionizing customer interactions across our industry, powering new and innovative solutions, and giving individuals greater flexibility to manage their financial well-being,” said Standard Life CEO Andy Curran.
“As it drives data regulation and access to Open Finance, Moneyhub is at the leading edge of setting standards for the industry and a natural partner for Phoenix Group and our Standard Life business.”
LumiShare, a blockchain-based digital asset management ecosystem, recently received $3.2 million from the royal family of Abu Dhabi.
Moneyhub is a group of developers, financial experts, and optimists who share a vision for improving the financial wellness of individuals, businesses, and communities.
They founded this company intending to alter how the industry used and viewed data. They aim to be a force for good as architects of Open Banking, Open Finance, and Open Data, changing the status quo of how businesses interact with people.