Lloyds Banking Group and financial services giant Legal & General have both taken minority stakes in Bristol open banking platform Moneyhub.
The fintech, which has provided digital payment solutions for big brands including Mercer, Aon, Nationwide and Standard Life, has raised an initial £40m in its latest funding round.
Commercial bank Shawbrook provided a venture debt facility of £5m as part of the raise to support Moneyhub’s growth plans.
Moneyhub - which previously attracted the backing of Direct Line founder and insurance tycoon Sir Peter Wood - said the fresh investment would help accelerate work on its services and the "internationalisation" of its tech, as it looks to expand its market share within the finance, retails and telecoms sectors.
Chief executive Samantha Seaton said: “It’s an incredibly exciting time at Moneyhub. Open Data has the potential to transform the way that businesses interact with their customers and we have and continue to be at the forefront of this change. For businesses facing increasing red tape from regulators and apathy from customers, Open Data is the natural solution.”
Ciaran Flanagan, financial sponsors director at Shawbrook, added: “Moneyhub is the trusted provider of Open Data solutions with many high-profile, household brands in their client roster already.
“Sam and the senior team at Moneyhub are leading the way in this area and there is significant potential for growth in the coming years. It was a pleasure to work with the Moneyhub team, as well as DC Advisory on this transaction.”
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