Standard Life’s workplace business looks set to benefit from its parent group Phoenix making a £15m investment in the open finance platform Moneyhub.
This completes Moneyhub’s Series B funding round which secured a total of £55 million of new funding, including a £5 million debt facility.
Standard Life already has a strategic relationship with Moneyhub, with the two companies previously collaborating to develop an Open Finance powered app – Money Mindset. This enabled Standard Life customers to see all their finances in one place.
This latest investment will help to accelerate development of Moneyhub’s solutions, including those around pensions and wealth which will be offered as part of Standard Life’s workplace proposition to improve financial wellbeing.
This investment will also help Standard Life prepare for forthcoming regulatory change including Consumer Duty obligations and Pension Dashboard implementation
Standard Life workplace managing director Gail Izat says: “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.”
She says this stake in Moneyhub was a “natural extension” the companies’ working relationship. Izat added that the open finance was helping transform members’ ability to engage with their finances in a 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.”
This is one of a number of significant developments made within Standard Life’s Workplace pension business during 2022. This has included a transition of £15 billion in assets under management of workplace schemes to sustainable multi-asset solutions, the integration of the PLSA Retirement Living Standards tool for employers and the introduction of a workplace Isa proposition.
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 £2 billion on behalf of .47,000 members.
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