Bristol open banking platform Moneyhub has raised $18m (£13m) in its latest funding round after attracting the support of British insurance tycoon Sir Peter Wood.
The raise - the fintech's largest to date - was led by Sir Peter, who founded Direct Line and Esure, via newly formed investment vehicle SPWOne. According to Moneyhub, it takes the company's valuation to over $100m.
The company, which has works with big brands including Mercer, Aon, Nationwide and Standard Life, provides open banking and open-finance data connections and payment solutions through APIs and white-label products.
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It said the finance would be used to accelerate growth into new European markets.
Samantha Seaton, chief executive of Moneyhub said: “I am so excited to have Sir Peter’s backing for the next phase of the Moneyhub journey.
“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."
The funding follows a previous investment round for the company, which included Nationwide Building Society Ventures. According to Moneyhub, all initial investors participated in the latest round.
Sir Peter added: “At SPWOne, we are committed to investing in success. Open finance is a permanent technological revolution, fundamentally changing the way businesses interact with their customers.
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"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.“
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