Phoenix Group invests £15m in fintech Moneyhub

Phoenix Group has joined Legal & General and Lloyds Banking Group in investing £15m in open finance and data fintech firm Moneyhub.

Phoenix Group, the pensions and savings business, will join the existing investors with a minority stake in the business.

Standard Life, part of the Phoenix Group, already has a commercial relationship with Moneyhub through a financial wellbeing offering for workplace pension customers – Money Mindset – which uses its open finance platform.

Andy Curran, CEO of Standard Life, said open data is “revolutionizing customer interactions” across the industry and creating new and innovative solutions.

He said it gives greater flexibility to individuals to manage their financial well-being.

“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,” Curran said.

“We are focused on helping people secure a lifetime of opportunity 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 personalized solutions that better meet their financial wellness needs.”

Standard Life said it will look to enhance this partnership by using Moneyhub’s open data technology to support its strategic objectives.

The firms said the combined investment “will support the acceleration of the ongoing development” of Moneyhub’s solutions.

With more than 100 clients, Moneyhub is working to support Phoenix Group in providing more tailored, customer-centric services through consumer-driven data and open banking payments.

With the upcoming Consumer Duty and Pensions Dashboard legislation, Moneyhub said its capabilities are “perfectly placed to support clients” to take advantage of and comply with these new opportunities, as well as supporting consumers through the cost of living crisis.

Samantha Seaton, CEO of Moneyhub, said: “This additional investment from Phoenix Group, following our long-standing commercial relationship with the Standard Life business, is further evidence of the growing opportunities 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 pension dashboards driving the need to focus on consumer outcomes, working in a trusted data sharing approach with your customers is the only answer.”

Seaton added: “I am proud to be working with a great team of some of the most talented people in the sector who have helped us get to where we are today and am excited about all the opportunities and developments that lie ahead. ”