Investment signals strengthening of strategic relationship between Standard Life’s Workplace business and Moneyhub
Commenting on the £15 million strategic investment, Gail Izat, Workplace Managing Director at Standard Life, part of Phoenix Group said:
“This is an important development for Standard Life and in particular our Workplace business. The investment in Moneyhub signals our continued commitment to the workplace market and our desire to partner with best-in-class FinTech to bring tangible benefits to clients and members of our schemes.
“The stake in Moneyhub is a natural extension of our already good working relationship, having first-hand experience of how its innovative approach to Open Finance is transforming our members’ ability to engage with their finances in a truly holistic way.
“For most people their pension is just one part of a complex set of financial challenges they’re looking to manage, and by partnering with Moneyhub we’re able to provide customers with support across a broader range of issues. This investment is part of an ongoing strategy of partnering with organisations that can help us bring the best of what the market has to offer to our customers.
“We look forward to further close collaboration with Moneyhub to help improve the financial wellbeing of our scheme members by developing propositions and services that will help them secure a better financial future.”
Key Details of investment in Moneyhub:
- Standard Life is set to benefit from a £15 million strategic investment by parent Phoenix Group in Moneyhub, the market leading Open Finance, Open Data, and payments platform
- The stake strengthens the relationship between Moneyhub and Standard Life who have previously collaborated to develop an Open Finance powered app – Money Mindset, enabling Standard Life customers to see all their finances in one place, and making it easier to plan
- The investment by Phoenix Group, through which it becomes a co-lead investor, completes Moneyhub’s Series B funding round which secured a total of £55 million of new funding, including a £5 million debt facility
- The investment will help to accelerate the ongoing development of Moneyhub’s solutions, including those around pensions and wealth, payments, distribution, affordability, and Data-as-a Service
- Standard Life will continue to work closely with Moneyhub to enhance the functionality of Open Finance and financial wellbeing services available to its workplace pension scheme members. The investment will enhance collaboration between the two organisations extending the application of Open Data to provide bespoke financial interaction for customers
- The stake in Moneyhub will help Standard Life prepare for forthcoming regulatory change including Consumer Duty obligations and Pension Dashboard implementation
- This is one of a number of significant developments made within Standard Life’s Workplace pension business during 2022, ranging from:
- the transition of £15 billion in assets under management of workplace schemes to Sustainable Multi Asset solutions
- the integration of the PLSA Retirement Living Standards into Client Analytics tool for employers
- the introduction of a Standard Life Workplace ISA proposition
- provisions of a range of member support to help vulnerable members through the Cost of Living crisis
- the roll-out of its Innovation Lab facility to foster greater collaboration in proposition design and services with workplace customers
- Standard’s Life’s on-going investment and increased levels of engagement is building strong momentum with the Workplace business, having won 68 new workplace schemes in 2022, with aggregate assets of c.£2 billion on behalf of c.47,000 members, which will transfer in future years. The Group is now winning in all parts of the market across small, medium, and large schemes. These wins, together with a strong pipeline of future opportunities, firmly re-establishes Standard Life as a major player in the Workplace market.
