UK-based open finance and data platform Moneyhub has raised an initial £40m in funding from Legal & General and Lloyds Banking Group, as well as a further £5m debt facility from Shawbrook.

Legal & General and Lloyds Banking Group will not only acquire minority stakes in Moneyhub but also leverage latter’s open data transactional technology to offer personalised services to customers.

The investment of Legal & General in Moneyhub is partially subject to regulatory approval.

Legal & General fintech managing director Wian Pieterse said: “At Legal & General we believe data is key to helping customers make informed decisions and ultimately get better financial outcomes. Moneyhub is a leading provider in open data and so was an obvious choice for us to invest in to accelerate our commercial goals and support the growth of our Workplace savings business.”

This is the largest funding round of Moneyhub so far and comes after an $18m raise in early last year that was led by the founder of Direct Line and Esure, Sir Peter Wood with support of earlier investors, including Nationwide Building Society.

Currently, Moneyhub works with over 100 clients, including 30 enterprise firms within financial services, retail, and telecoms, including Aon, KPMG, Mercer, Nationwide Building Society, Samsung, and Vodafone touching 150 million end-users across the UK and globally.

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Commenting on the funding round, Moneyhub CEO Samantha Seaton 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. Understanding and utilising customer transaction data for the benefit of the customer’s financial wellbeing not only helps businesses fulfil their consumer duty regulatory obligations, but also empowers them to create further opportunities.”

This investment for Lloyds Banking Group is part of its strategy to invest in fintechs.

Lloyds Banking Group fintech investment director Kirsty Rutter said: “This investment in market leading Open Finance and Open Data, represents an important step for us at Lloyds Banking Group. This is the first fintech investment following the announcement of our new strategy earlier this year, which targets investment in technologies and partnerships that leverage data-driven insights to create value for customers

“We are focused on identifying and exploring opportunities for investment into fintechs, and 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.”