UK-based open banking platform Moneyhub has raised a total of $18m in an investment round led by British entrepreneur Peter Wood.

The company’s existing backers also participated in the round.

Wood made his investment through a newly formed investment vehicle SPWOne which supports innovative businesses.

Moneyhub operates as an open banking and open finance platform that seeks to improve financial wellness leveraging data and intelligence capabilities. It counts Mercer, Aon, Nationwide and Standard Life as its clients.

The company plans to use the proceeds to accelerate its expansion to new European markets.

Moneyhub CEO Samantha Seaton said: “It is incredibly rewarding to be able to deliver results to both investors and clients in this truly transformational landscape.

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“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.”

Wood said: “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.

“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.”