Phoenix Group has joined Legal & General and Lloyds Banking Group by investing £15mn in open finance and data fintech firm Moneyhub.
This follows on from October when Moneyhub received an initial £35mn in funding from L&G and Lloyds, as well as an additional £5mn debt facility provided by Shawbrook.
Moneyhub said this latest set of funding now completes its largest fundraise to date, totalling £55mn.
Phoenix Group, the retirement and savings business, will join the existing investors with a minority stake in the business.
Standard Life, part of Phoenix Group, already has a commercial relationship with Moneyhub through a financial wellness proposition for workplace pension customers - Money Mindset - which utilises its open finance platform.
Andy Curran, chief executive of Standard Life, said open data is “revolutionising customer interactions” across the industry and creating new and innovative solutions.
He said it is 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,” Curran said.
“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.”
Standard Life said it will look to enhance this partnership, using Moneyhub’s open data technology to support its strategic goals.
The firms said the overall 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 with the provision of more tailored, customer centric services through consumer driven data and open banking payments.
With the upcoming consumer duty and pension dashboard legislation, Moneyhub said its capabilities are “perfectly placed to support clients” to benefit from and comply with these new opportunities, as well as support consumers through the cost-of-living crisis.
Samantha Seaton, chief executive officer of Moneyhub, said: “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.”
Seaton added: “I am proud to work with a large team of some of the most talented individuals in the sector that have helped us get to where we are today, and excited for all the possibilities and developments that lie ahead.”