Moneyhub, the open banking fintech, as secured £40m in its latest round of funding.
Backers Legal & General and Lloyds Banking Group, have provided an initial £35m, and an additional £5m has come from Shawbrook Bank.
Lead investors Legal & General and Lloyds Banking Group will take minority stakes in the UK-based business.
Samantha Seaton, chief executive officer of Moneyhub, said: “Their new investment helps us signal a step change in the way the financial services industry thinks about open data and the possibilities it presents.”
“Moneyhub has enjoyed significant growth over its lifetime, and this latest funding round will allow us to continue on this trajectory.”
Seaton won Director of the year at the UK FinTech awards in 2021. At the same ceremony, Moneyhub Enterprise won Pensions Tech of the Year and WealthTech of the Year.
Both lead investors are looking to use Moneyhub’s open data technology to improve their businesses.
“We believe data is key to helping customers make informed decisions and ultimately get better financial outcomes,” said Wian Pieterse, fintech managing director, at Legal & General.
Kirsty Rutter, fintech investment director at Lloyds Banking Group, commented: “We are excited to work with Moneyhub to use open data and API technologies to help consumers improve their financial wellbeing, make our products more relevant to customers, and our channels simpler and more personalised to use.”
Moneyhub plans to invest the new round of funding in its solutions, including those for pensions and wealth, payments, distribution, affordability, and data-as-a-service.
The fintech will also use the new funding to speed up “the internationalisation” of its technology.
Seaton said: “We’ve been at the forefront of the data revolution and are now the mature and trusted choice for businesses looking to make the most of its capabilities.”