Open Finance data and payments platform Moneyhub has announced its largest funding round to date, with an investment of $18 million led by Sir Peter Wood, founder of Direct Line and Esure.
The British entrepreneur led the round via newly-formed investment vehicle SPWOne, which invests in and supports fast-growing and innovative businesses.
Samantha Seaton, CEO of Moneyhub, said that with Sir Peter’s backing for the “next phase of the Moneyhub journey” it will be able to expand into new markets and, in particular, the “sizeable and lucrative” European landscape.
Moneyhub’s previous investment round included Nationwide Building Society Ventures, with all initial investors participating again in this round.
The platform’s clients include Mercer, Aon, Nationwide and Standard Life, and it has expanded into wider industry sectors, such as wealth, insurance and retail.
Sir Peter said: “Open Finance is a permanent technological revolution, fundamentally changing the way businesses interact with their customers.
“I believe Moneyhub is an outstanding innovator led by a strong management team and is well positioned to become a global leader in the Open Finance space. We are delighted to be supporting Sam and her team at such an important stage in the company’s development.”
Seaton added: “It is incredibly rewarding to be able to deliver results to both investors and clients in this truly transformational landscape.
“It is a fantastic vote of confidence from Sir Peter, and his team, who are renowned for foreseeing game-changing growth opportunities – and a ringing endorsement of our team and our strategy for applying new technology where the rules of engagement have been turned upside down.”