LONDON—Moneyhub has raised $39.5 million as it seeks to expand its offerings amid the continued embrace of open finance, Pymnts.com reported.
Lead investors Legal & General and Lloyds Banking Group will take minority stakes in the business, the company said, and will “each look to enhance their commercial propositions with Moneyhub’s services, using its Open Data technology to support strategic goals,” according to the report.
Moneyhub said the funding will help speed the development of its products, particularly in the areas of pensions and wealth, payments, distribution, affordability and Data-as-a-Service. In addition, the funds will help the company bring its technology to new countries, Pymnts.com noted.
Based in Bristol, U.K., Moneyhub works with more than 100 clients, including Aon, KPMG, Mercer, Nationwide Building Society, Samsung and Vodafone.
Immediate Funding
In August, the U.K.’s Nationwide Building Society announced it was deploying Moneyhub to let its customers open savings accounts and fund them right away. Prior to this collaboration, Nationwide customers would need to wait days before transferring the funds they needed to meet account funding requirements, Pymnts.com explained.
“We are starting to see that open banking is being used by important entities … be it government or large institutions are starting to realize that open banking has a lot to offer … I expect usage will keep going up,” Pinar Ozcan, professor of entrepreneurship and innovation at Saïd Business School, Oxford University, told Pymnts.com.
The Very Best in CU Reporting. Every Morning. To Your Inbox. At a Price Every CFO Will Love.
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.