Moneyhub

Moneyhub and Marygold Team Up to Launch Wealth App

Moneyhub and Marygold Team Up to Launch Wealth App
By David Penn Posted on
Categories: Alumni News, Moneyhub
  • Moneyhub has teamed up with intelligent money management app Marygold & Co. UK.
  • The partnership will integrate Moneyhub’s Account Information and Payment Initiation Services (AIS and PIS) functionality into Marygold’s new wealth app, slated to be released next year.
  • Moneyhub made its Finovate debut at FinovateEurope 2015 in London.

Data, intelligence, and payments company Moneyhub announced a partnership with intelligent money management app provider Marygold & Co. UK. Through the partnership, Moneyhub will provide Account Information and Payment Initiation Services (AIS and PIS) for Marygold’s new wealth app, scheduled to go live in 2025.

“Given our aligned aims of improving the country’s financial wellbeing through innovation, we’re very pleased to be partnering with Marygold & Co. UK as they prepare for launch,” Moneyhub Managing Director of API Kim Jenkins said. “Armed with a myriad of Open Banking and Open Finance-enabled tools, the app is set to deliver fantastic outcomes for consumers and businesses alike.”

Marygold’s app will make it easier for customers to save without having to switch bank accounts. The solution features customizable reminders, automated savings nudges, special savings pools, as well as hidden “piggy bank” options and secure, me-to-me transfer functionality. Users’ savings earn competitive interest rates and the app also has a number of features that help provide financial oversight for elderly and vulnerable users. Small businesses using the app also benefit from competitive interest rates on their working capital and cash.

“Our partnership with Moneyhub underscores our commitment to delivering a truly transformative financial management experience,” Marygold & Co. UK CEO Matthew Parden said. “By leveraging Moneyhub’s advanced Account Information and Payment initiation Services, we’re able to offer our users unparalleled insights and control over their finances, making it easier than ever to save, manage, and grow their wealth securely and efficiently.”

Marygold & Co. UK is backed by the Marygold Companies, a publicly-held firm that trades on the NYSE under the ticker MGLD. The company was launched in 2021 to make acquisitions in the U.K. for its U.S.-based parent. Marygold & Co. UK provides wealth management and savings services to customers in the U.K., combining app-based functionality with access to qualified financial advisors. Last month, Marygold & Co. UK announced a partnership with U.K. fintech bank Griffin that allowed the firm to embed savings accounts in its app. Earlier this year, the company acquired U.K.-based investment advisory firm Step-By-Step Financial Planners Limited (SBS). The acquisition was Marygold & Co. UK’s second, having acquired U.K.-based financial advisory firm Tiger Financial & Asset Management Limited in 2022.

Moneyhub made its Finovate debut at FinovateEurope 2015 in London and returned to the Finovate stage two years later for FinovateEurope 2017. The data, intelligence, and payments company develops software for Open Banking, Open Finance, and Open Data applications. Moneyhub’s platform enables businesses in industries from finance to retail to transform their data into personalized digital experiences and initiate payments.

Moneyhub’s partnership announcement with Marygold & Co. UK comes just days after the company announced that it was working with WPS Advisory to help the independent financial advice firm launch its financial confidence app LifeStage. Designed to supplement the firm’s personalized financial guidance and advice service for employees, LifeStage enables users to better understand their incomes, expenses, savings, debts, and investments and to share selected information with WPS Advisory.

“Our aim is to make financial advice, typically provided through the workplace, as accessible and cost-effective as possible,” WPS Advisory Head of Strategy Natalie Oliver said. “Technology integrations play a vital role in achieving this goal.”

Interested in demoing at FinovateEurope 2025 in London? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.

Photo by Amelia Hallsworth

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: ACI Worldwide, ASA, Fintech Rundown, Jack Henry, Kani Payments, Moneyhub, Xero

As “Back to School” season begins, we’re looking forward to a surge of fintech news over the next few days and weeks. Finovate’s Fintech Rundown is your one-stop-shop for the latest headlines, announcements, and updates.

Payments

ACI Worldwide partners with Red Hat to make its Enterprise Payments Platform available on any cloud infrastructure.

Bank payment company GoCardless completes its acquisition of Nuapay.

Atlantic Money launches Portals to enable customers to make international money transfers directly from their bank accounts.

Payment service provider Ecommpay adds three Italian Alternative Payment Methods (APMs) to its platform as part of an effort to expand its global presence.

MENA-based payments platform Tarabut acquires U.K.-based account-to-account payments platform Vyne.

Jack Henry announces collaboration with digital payments processor Moov.

Brazilian payment service provider Ume secures $15 million in a round featuring participation from PayPal’s venture arm.

OnlineCheckWriter.com— powered by Zil Money– now allows customers to send checks funded by their credit card or wallet.

Narmi goes live with the FedNow Service in receive mode with Grasshopper Bank.

Paystand expands its payments network into the Canadian market.

Trustly and Newline by Fifth Third partner on U.S. payments. 

Lending

Singapore-based SME lending platform Validus raises $50 million in debt financing from HSBC.

Ant International collaborates with Dock to drive financial inclusion with credit tech solutions.

Embedded finance

ASA announces the integration of five fintechs–PortfolioPilot, Guac, One Goal Finance, Credit Rent Boost, and Column Tax–into its embedded app store, ASA Vault.

Embedded payments specialist Modulr expands its integration with online accounting software provider Xero to add payroll services.

Open banking

Comertbank chooses Salt Edge to comply with Moldova’s open banking legislation.

Wealth management and investing

Legal & General chooses Moneyhub to power its Qualifying Pensions Dashboard Service.

Quilter to acquire NuWealth to enhance its digital capabilities.

Regtech

Kani Payments helps climate-focused fintech Zero streamline its reconciliation and reporting obligations.

Sedric AI raises $18.5 million in Series A round to empower financial institutions with an AI-based compliance platform.

Spring Labs unveils Zanko ComplianceAssist to help financial service firms with compliance.

Small business finance

UNIPaaS and American Express partner to boost B2B card payments for SaaS platforms.

Papaya Global facilitates changing cross-border payroll, helping companies streamline their global payroll processes in every location in just four weeks. 

Real estate

Agora launches Report Builder and Waterfall Automation Tool.

Photo by Oleksandr P

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“Digitize or Die”: A Call to Arms for Building Societies

“Digitize or Die”: A Call to Arms for Building Societies
By Lili Nguyen Posted on
Categories: Moneyhub, Report series, Sponsored

Moneyhub recently commissioned research into building societies and consumers, which involved interviews with building society leaders from the likes of Nationwide, Skipton, Yorkshire, Coventry, and The Building Societies Association. Additionally, 2,000 British adults were surveyed to find out about the sector’s digital readiness and the opportunities a more data-led proposition might offer.

Here’s what Moneyhub found:

  • Nearly 1 in 2 building society members report difficulties in engaging with their services.
  • 80% of consumers believe that a good online platform is important when choosing a new financial provider.
  • 66% of 18-34 year olds would like more convenient access to products and services without the need to visit physical bank branches.

Building societies are at a pivotal juncture. Traditionally known for their community focus and customer-centricity, they now face the urgent need to digitize to meet evolving consumer demands.

“Digitize or die”, a senior sector stakeholder said.

Moneyhub’s research highlights a stark reality: there is a gap between consumer expectations and the digital offerings of building societies. The company’s report – Digitize or Die: A Call to Arms for Building Societies – serves as a roadmap for building societies ready to embrace this essential transformation, ensuring they meet the needs of today’s and tomorrow’s consumers.

Download the report now

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Personalization, Customer Centricity, and the Future of Fintech and Financial Services

Personalization, Customer Centricity, and the Future of Fintech and Financial Services
By David Penn Posted on
Categories: FinovateEurope 2024, Moneyhub, Speaker series, Streamly, Women in Fintech

En route to FinovateEurope in London last month, a cab driver asked me what I did for a living. After giving it a few moments of thought (“fintech research analyst” doesn’t always cut it), I told him, “I get to meet interesting people and ask them interesting questions.”

This year at FinovateEurope, I had the opportunity to sit down with more than a baker’s dozen of fintech entrepreneurs, analysts, and authors to talk about some of the top trends in fintech and financial services. Here, as part of our Finovate Speaker Series, I’m looking forward to sharing these conversations with you over the next few weeks.

First up, in commemoration of International Women’s History Month, my interviews with Samantha Seaton, CEO of Moneyhub, and Anette Broløs, founder of Finthropology.

Samantha Seaton is CEO of open banking, open finance, and open data platform Moneyhub. The company’s technology helps transform data into personalized digital experiences and initiate payments. Seaton is also a Non-Executive Director at the Charities Aid Foundation Bank and at The Investing and Savings Alliance (TISA).

In our conversation, Seaton discusses the contemporary “obsession with personalization.” We also talk about the latest trends in financial services, the impact of AI, and what financial services can learn from other sectors when it comes to best leveraging new technologies.

How can the study of human cultures benefit banks? We posed this question to Dr. Anette Broløs, co-founder and Director of Finthropology.

For all the discussion of the power of data in financial services in recent years, Broløs believes that companies in this space have not yet done all they can do in order to take advantage of qualitative research that can help them become more customer-centric. As the co-author of the soon-to-be-released book, Customer-Centric Innovation in Finance, Broløs explains how methods common in anthropology can be effectively applied to financial services, potentially revealing insights that banks have been missing for years.

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Moneyhub Partners with Rebcat, Navos to Boost Personalization in Financial Advisory

Moneyhub Partners with Rebcat, Navos to Boost Personalization in Financial Advisory
By David Penn Posted on
Categories: Alumni News, Daily news, Moneyhub
  • Open data fintech Moneyhub is teaming up with fellow fintech providers, Rebcat and Navos Technologies.
  • Via the partnership, the three companies will work together to develop solutions to help large financial institutions offer personalized financial advice to their customers.
  • U.K.-based Moneyhub made its Finovate debut at FinovateEurope 2015 in London.

Open data fintech provider Moneyhub announced a new partnership this week. The U.K.-based firm has teamed up with fellow fintechs Rebcat and Navos Technologies to help financial institutions offer personalized financial advice and guidance to their customers. The companies will collaborate to launch a number of personalized plug-and-play services, focusing initially on closing the so-called “advice gap.” Additionally, the services will also include financial management, investments, and mortgages.

Moneyhub CEO Samantha Seaton pointed to regulatory changes in the U.K. as one of the trends that guided the partnership decision. “The upcoming changes to the Data Bill and the FCA’s proposals to relax the advice-guidance boundary highlight the significant role of digital advice businesses in the future,” Seaton said. “We have seen first-hand how advanced and robust Rebcat technology is and are delighted with this partnership and the opportunities it brings to unlock financial wellness for more people.”

The joint statement makes clear that Rebcat’s technology is at the core of the offering. The firm is a spin-out of OpenMoney, a digital adviser that Octopus Group acquired in 2023. With nearly 20,000 customers, Rebcat provides a range of B2B financial services. These include white-labeled, end-to-end investment and mortgage advice, as well as a bespoke personal finance and engagement app. Headquartered in Manchester, Rebcat leverages Open Data to help companies offer their customers personalized support and advice. Based in Bristol, Navos Technologies provides services ranging from building digital strategies to implementing effective cybersecurity. Founded in 2020, the company leverages its 120 years of combined experience at U.K. investment platform Hargreaves Lansdown to help companies reach their digital transformation goals.

A Finovate alum since its debut at FinovateEurope in 2015, Moneyhub supports seamless connections via a single source to thousands of financial institutions in 37 countries. This enables financial services companies to access a comprehensive view of their customers needs, habits, preferences, and aspirations. Banks, pension companies, wealth managers, lenders, retailers, and insurers all use Moneyhub’s open data platform to transform data into personalized digital experiences and insights – as well as initiate payments.

Headquartered in Bristol, Moneyhub was founded in 2011. The company began this year by earning a spot as a supplier on Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System (DPS) framework for its Open Banking and Payment services. CCS is an Executive Agency of the Cabinet Office. The entity helps the public sector secure maximum commercial value when procuring goods and services.

Photo by Lisa Fotios

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: Alumni News, Daily news, Envestnet, Fintech Rundown, FIS, Marqeta, Moneyhub, MX, Plaid, Weekly Alumni News, Zafin

We’re already well into the second month of 2024, and while funding has slowed down a bit, news in the decentralized finance world has picked up. Take a look at some of the top headlines in fintech and banking this week.

Digital Banking

Israel-based digital bank oneZero unveils its new GenAI-powered assistant, Ella.

HighRadius acquires Cforia.

Payments

Tuition payments solution for trade and technical school students Mia Share raises $6.5 million in funding.

Fiserv expands in-person bill payment network to NCR Atleos ATMs.

Airbase appoints Mathew Schulz from Forrester as its new Vice President of Procurement Strategy. 

Blackhawk Network launches Select Codes to allow quick distribution of rewards.

NMI launches NMI Payments, a comprehensive embedded payments solution.

Tradeshift appoints Iain Balchin as Chief Financial Officer.

i2c Inc. adds new clients in Brazil, Dominican Republic, Mexico, Peru, and Puerto Rico.

Banking-as-a-Service

Nordic Capital inks agreement to acquire majority stake in SaaS core modernization provider Zafin.

Crypto

Crypto wallet app COCA introduces virtual cards.

Cryptocurrency exchange OKX expands to Argentina.

Crypto custodian BitGo acquires private securities and alternative investment infrastructure provider Brassica.

Open banking / Open finance

Moneyhub named supplier of Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System framework for the U.K. government.

Akoya, Envestnet | Yodlee, MX, and Plaid to integrate into FIS’ Open Access platform.

FIS and Banked partner to create new pay-by-bank solutions.

Wealth management & Investing

Swedish investment platform Kameo secures $1.3 million (£1.1million) investment from Incore Invest.

Attune Solutions launches Attune WealthData powered by BridgeFT.

Clearwater Analytics launches Clearwater MLx, mortgage loan investment solution.

Blue Ocean Technologies and DriveWealth partner to expand geographic reach and trading services.

Exponential Markets receives strategic investment from Citi.

Card Issuance/Management

Card issuing platform Marqeta inks travel management software company, Internet Travel Solutions (ITS).

ConnexPay launches ConnexPay Flex, a new variable-rate virtual card.

Mastercard and the Bank of Punjab expand their partnership to cover the commercial segment.

Lending

Yardline and AMZ Pathfinder partner on ecommerce funding.

Traditional finance

Barclays to acquire Tesco Bank’s retail banking business.

AtlasClear combines with SPAC and acquires Wilson-Davis & Co.

NCR Atleos to bring surcharge-free cash access to American Express checking customers.

Clearwater Analytics extends support for accounting with fund accounting and pooled participant interaction.

Fraud & security

Signzy launches one-touch KYC for seamless digital onboarding.

TruShield Insurance collaborates with Visa to help address cybersecurity risks facing small businesses.

Tina Stewart joins Utimaco as Chief Marketing Officer.

Data Zoo names former London Stock Exchange Group executive Charlie Minutella as new CEO.

Canada’s EQ Bank partners with Trulioo for identity document and biometric verification.

Armilla AI lands $4.5 million in Seed funding to help de-risk AI adoption for enterprises.

Mortgagetech

Better launches digital VA loans powered by Tinman.

Photo by AbsolutVision on Unsplash

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Moneyhub Partners with MX, Brings Open Data to Wealth Management Solutions Provider Voyant

Moneyhub Partners with MX, Brings Open Data to Wealth Management Solutions Provider Voyant
By David Penn Posted on
Categories: Alumni News, Daily news, Moneyhub, MX
  • Open data company Moneyhub announced a pair of partnerships at the beginning of the month.
  • The Bristol-based firm forged a referral partnership with fellow Finovate alum MX.
  • Moneyhub is also working with wealth management solutions provider Voyant, leveraging open data to accelerate the fact-finding process for financial advisors.

U.K.-based open data company Moneyhub announced a number of partnerships in recent days and weeks. At the beginning of the month, the fintech forged a strategic partnership with Utah-based open finance innovator MX. Via the partnership, Moneyhub will be able to refer customers to MX for support in North America, while MX will be able to refer customers who are looking for open finance solutions in European markets to Moneyhub.

Moneyhub provides consumers with data to enhance their financial health. The firm’s technology also helps businesses gain the kind of insights that enable them to deliver personalized solutions to their customers. In addition to Moneyhub’s Personal Finance Management platform and Open Banking APIs, the company offers decisioning tools that provide data-powered affordability checks that provide a real-time view of applicant financial information.

MX’s connectivity solutions and open finance APIs enable both consumers and businesses to leverage financial data to improve outcomes. MX provides reliable connections and data verification to help firms make insightful, actionable decisions, provide superior money experiences for customers, and grow their businesses.

“MX and Moneyhub share the belief that consumer-permissioned data sharing is critical to the future of our industry and we have an inherent responsibility to improve the money experience for consumers,” Raymond den Hond, Chief Commercial Officer, Partners at MX, said in a statement. “It will allow our clients to use consent-driven data to improve their customers’ financial lives, on a global scale,” Moneyhub CEO Samantha Seaton said.

A seven-time Best of Show winner, MX most recently demoed its technology on the Finovate stage in 2021 for FinovateFall. The fintech has more than 13,000 connections with financial institutions and fintechs, giving the firm a combined reach of more than 200 million consumers. Founded in 2010 by Ryan Caldwell and Brandon Dewitt, MX is headquartered in Lehi, Utah. Jim Magats is CEO.

In addition to its strategic partnership with MX, Moneyhub also announced last week that it has teamed up with financial planning and wealth management solutions provider Voyant. The Austin, Texas-based company will put Moneyhub’s Open Banking and Open Finance APIs to work giving advisors instant access to their clients’ financial information, including assets and analysis of income and expenditures in real-time. The data-sharing technology is secure, GDPR-compliant, and accelerates the fact-finding process for financial advisors.

Voyant’s technology analyzes real-time client data from a wide variety of sources. These include bank accounts, credit cards, investments and pensions, as well as loans and mortgages. The analysis of this broad range of data ensures more accurate, automatic modeling. It also supports advisors Consumer Duty requirements that mandate that financial products be focused on client goals by providing more personalized, tailored financial solutions.

Voyant was founded in 2008. Today the company serves more than 20,000 financial professionals and more than 40,000 of their clients. The digital wealth solution provider includes Lloyds Bank, CIBC, and BMO Bank of Montreal among its wealth management partners.

“Consent-driven, comprehensive and real-time access to financial data is critical for advisors to support their clients in achieving their long-term aspirations,” Kim Jenkins, Managing Director of Moneyhub, API explained. “Only with this information can they advise on the right products and solutions, at the right time, to deliver on those goals.”

A Finovate alum since 2015, Moneyhub offers solutions for a range of companies in financial services – from banks and building societies to wealth managers, insurers, and lenders. The Bristol-based fintech offers seamless, single source connectivity to thousands of financial institutions in 37 countries to help businesses better understand and serve their customers.

In June, Moneyhub partnered with pension management firm Standard Life to power the company’s MoneyMindset solution. MoneyMindset gives Standard Life’s 1.5 million workplace pension scheme members real-time access to their spending and savings data across financial products. The previous month, Moneyhub announced that it had become the first third-party provider (TPP) to connect to Chase Bank in the U.K.

Photo by Barbara Bober

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Moneyhub Raises $18.2 Million, Completing $66.8 Million Funding Round

Moneyhub Raises $18.2 Million, Completing $66.8 Million Funding Round
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Moneyhub
  • Moneyhub raised an additional $18.2 million (£15 million) from savings and retirement business Phoenix Group.
  • The investment is the second part of a 48.6 million (£40 million) Moneyhub received in October, and brings the company’s total funds to $81.6 million.
  • Phoenix Group’s Standard Life is a long-standing client of Moneyhub.

Open finance solutions company Moneyhub announced it received an additional $18.2 million (£15 million) investment. Today’s funds come from savings and retirement business Phoenix Group.

The funding round is a follow-on to the recent $48.6 million (£40 million) Moneyhub received in October. Legal & General and Lloyds Banking Group led that round, contributing $42.4 million (£35 million), and Shawbrook Bank provided an additional $6 million (£5 million) in debt funding. Moneyhub’s total funding now adds up to $81.6 million.

Moneyhub was founded in 2014 and creates software for open banking, open finance, and open data applications. Organizations leverage these tools to add data aggregation, insights, and payment systems to their applications in order to create a more personalized digital experience for their end users. U.K.-based Moneyhub plans to use the investment to develop its solutions and expand globally. The company currently counts more than 100 organizations, including more than 30 high-profile enterprise firms, as clients.

Phoenix Group’s Standard Life is a long-standing client of Moneyhub. The firm leverages Moneyhub’s Open Finance platform to create Money Mindset, a financial wellness proposition for workplace pension customers.

“We are delighted that Phoenix Group has chosen to go even further by investing in the business,” said Moneyhub CEO Samantha Seaton. “With Consumer Duty and Pensions Dashboard driving the need to focus on consumer outcomes, the only answer is to work in a trusted data sharing approach with your customers.”

Photo by Jill Burrow

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Lloyds Banking, Legal & General Take Minority Stake in Open Data Innovator Moneyhub

Lloyds Banking, Legal & General Take Minority Stake in Open Data Innovator Moneyhub
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Moneyhub
  • Legal & General and Lloyds Banking Group have invested $40 million (£35 million) in open data and payments platform Moneyhub.
  • Along with the equity capital, Moneyhub received an additional $5.7 million (£5 million) debt facility courtesy of Shawbrook.
  • Moneyhub made its Finovate debut at FinovateEurope in 2015 in London. Samantha Seaton is CEO.

The $40 million (£35 million) in funding raised by open finance and payments platform Moneyhub will give minority stakes to investors Legal & General and Lloyds Banking Group. The two backers will leverage their relationship with Moneyhub to enhance their own offerings with Moneyhub’s open data technology. At the same time, the capital, along with an additional $5.7 million (£5 million) debt facility courtesy of Shawbrook, will enable Moneyhub to speed development of its products in areas ranging from pensions and payments to affordability and Data-as-a-Service. The funding will also support Moneyhub’s plans to further international expansion.

“(The) new investment helps us signal a step change in the way the financial services industry thinks about Open Data and the possibilities it presents,” Moneyhub CEO Samantha Seaton said. “Understanding and utilizing customer transaction data for the benefit of the customer’s financial wellbeing not only helps businesses fulfill their Consumer Duty regulatory obligations, but also empowers them to create further opportunities.”

Moneyhub enables companies to transform data into personalized digital experiences and initiate payments. Offering both APIs and its customizable Open Data Platform, Moneyhub serves businesses in industries from pension companies and wealth managers to banks, lenders, and insurance companies. Moneyhub boasts seamless, single source connectivity to thousands of financial institutions in 37 countries, helping ensure its clients can build a comprehensive portrait of their customers’ financial needs, habits, and goals.

Moneyhub’s largest funding round to date, this week’s capital infusion is part of a larger fundraising effort and follows a 2021 investment of $18 million led by Peter Wood, founder of Direct Line and Esure. At the time, the funding was the largest secured by a female fintech CEO in Europe that year. Moneyhub currently has more than $63 million in capital raised, according to Crunchbase.

Moneyhub made its Finovate debut in 2015 at FinovateEurope in London. Founded in 2011 and headquartered in Bristol, the company also announced this week that it was teaming up with SME health and wellness care provider MorganAsh. The support services provider will use Moneyhub’s technology to access customer financial data to enhance their ability to provide real-time consumer vulnerability assessments. The partnership will also help MorganAsh fulfill its obligations for Consumer Duty, a requirement issued by the U.K. Financial Conduct Authority in July that governs implementation of open finance/open data products.

“Consumer Duty and Open Finance herald a new era of customer-focused firms and financial resilience,” Moneyhub Business Development Director Vaughan Jenkins said. “Smart, forward-looking businesses will seize this moment and benefit from it.”

Photo by Laura Tancredi

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Samsung Launches Kiosk-Based Open Banking Payments Courtesy of Moneyhub Partnership

Samsung Launches Kiosk-Based Open Banking Payments Courtesy of Moneyhub Partnership
By David Penn Posted on
Categories: Alumni News, Moneyhub, Samsung
  • Samsung partnered with Moneyhub to bring open banking functionality to its self-service, point-of-sale retail kiosks.
  • Courtesy of Moneyhub, users of Samsung’s kiosks will be able to make payments directly from their bank accounts to merchant accounts.
  • The first of its kind partnership will help save retailers money by providing an alternative to the card networks.

Electronics manufacturer Samsung has chosen open data and payments platform Moneyhub to bring open banking payments to retail, self-service point-of-sale kiosks.

The partnership is the first of its kind, according to both Samsung and Moneyhub, and is designed to provide new payment options for merchants such as quick-service restaurants, retail stores, stadium events, as well as other hospitality-related venues. Customers using the technology will be able to send funds directly from their bank account to the merchant’s account via bank transfer, leveraging a fast and secure payment method that does not require the customer to share credit or debit card information. Using the kiosks is similarly straightforward. Customers simply use their mobile device to scan the QR code on the kiosk’s screen to make their order and manage their payment.

“We are delighted to achieve a world-first with Samsung by bringing the speed, security and cost effectiveness of Open Banking payments to our increasingly fast-paced world,” Moneyhub CEO Samantha Seaton said. “Payments is the new frontier for Open Banking and it is thrilling to see another necessary and impactful business case that brings together the quality of the Samsung kiosk, with the benefits of this new and exciting way to pay.”

The new payment option also will save merchants money by enabling them to avoid the costs associated with credit and debit cards, fees that can consume as much as 5% of their revenue. Open banking payment fees, by contrast, are typically less than 1% of the transaction value. The combination of open banking payments and self-service POS kiosks also helps support businesses’ digital transformation efforts.

Samsung Head of Display Damon Crowhurst highlighted this benefit of the new offering. “Though our partnership with Moneyhub, we are continuing to bring innovative solutions that help our customers navigate the complex landscape of a fast changing business environment,” Crowhurst said. “Implementing the open banking solution on our kiosk platform helps customers drive increased profitability, through efficient, scalable, and cost-effective solutions that are applicable for retail businesses of all sizes.”

A Finovate alum since 2015, U.K.-based Moneyhub began 2022 with the launch of its open banking and open finance front line support service. The new integrated support service, available on both a standalone basis as well as integrated into the clients’ own customer service platforms, provides expert support directly to end-users to help them manage all aspects of open banking and open finance. The company also announced early this year that it was broadening its platform beyond open banking and open finance to embrace open data. The move, which Seaton called “a natural next step in Moneyhub’s journey,” will give clients consensual access to a wide range of cross-industry data including employment, tax, and flexible benefit data, as well as property valuations, identity documents, carbon footprint information, and more.

“We want to put trust, through control of their data, back into the hands of the consumers,” Seaton said, “and in doing so support them in making better financial decisions.”

Samsung made its Finovate debut in 2017 at FinovateFall. At the event, the company demonstrated its Samsung Galaxy S8 smartphone; its biometric authentication solution, Samsung SDS Nexsign; and Samsung DeX which enables users to connect their Samsung Galaxy S8 smartphone to a monitor and keyboard for a desktop experience that supports contextual menus, drag-and-drop functionality, and resizable windows.

Photo by Artem Beliaikin from Pexels

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Open Finance Platform Moneyhub Secures $18 Million to Fuel Expansion

Open Finance Platform Moneyhub Secures $18 Million to Fuel Expansion
By David Penn Posted on
Categories: Alumni News, Alumni profile, Daily news, Funding, Moneyhub

In its biggest investment round to date, U.K.-based Open Finance platform Moneyhub has secured $18 million in funding to support its expansion into new markets. The round was led by Sir Peter Wood, founder of Direct Line and Esure, via his new investment vehicle, SPWOne.

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

A Finovate alum for more than four years, Moneyhub demoed the SmartAsset feature of its solution at FinovateEurope 2017. At the event, the company showed how SmartAsset’s AI-driven, intelligent messaging functionality helps users better manage their finances. In the years since, Moneyhub has grown into a leading open finance and data intelligence platform that offers both API and white label solutions to help businesses leverage personalization to enhance the customer experience. In the U.K., Moneyhub currently provides customer-permissioned financial data access to more than 200 financial services providers via 584 connections with an additional 3,500 connections in Europe.

Moneyhub’s funding announcement comes on the heels of a new partnership with Triodos Bank, a sustainable bank that supports working toward positive social, environmental, and cultural change. Founded in 1980, Triodos Bank serves more than 700,000 banking customers in the U.K., Germany, Spain, the Netherlands, and Belgium. The bank has lent more than £8 billion to support projects around the world that are dedicated toward “benefitting the people and (the) planet.” Triodos Bank also co-founded the Global Alliance for Banking on Values (GABV), a 63-bank network designed to promote sustainable banking.

“We are pleased that our customers will now be able to integrate their everyday banking with Moneyhub’s app and enjoy the many benefits of Open Banking, such as helping them to easily track spending and set budgets to help manage money,” Triodos Bank U.K. head of retail banking Gareth Griffiths said.

In addition to its partnership with Triodos Bank, Moneyhub teamed up with mortgage market insights and intelligence firm Hometrack, shared branch banking innovator OneBanks, and adtech specialist Zedosh this summer; partnered with financial health platform Level Financial Technology and charitable fundraising app Kynder this spring; and began the year collaborating with professional services company Aon and ESG investment platform The Big Exchange.

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Onward Open Banking! Blackhawk Network Partners with Moneyhub

Onward Open Banking! Blackhawk Network Partners with Moneyhub
By David Penn Posted on
Categories: Alumni News, Blackhawk Network, Daily news, Moneyhub

Branded payments provider Blackhawk Network has teamed up with open finance data and intelligence platform Moneyhub to ensure compliance with open banking standards. Via the partnership, Blackhawk Network will be able to validate third-party providers, connect to them through live applications, and enable them, with user consent, to access user data and initiate payments.

“Using Moneyhub’s compliance solution means that we can adopt the industry best-practice approach to PSD2 in authorizing our unique prepaid card offering,” Stacey Richards, who handles Product Management for Blackhawk Network, explained. “We share the fundamental desire to deliver a transformative experience for the end-user with Moneyhub, and we look forward to working with the team to deliver on our ambitious vision for the future.”

Blackhawk Network helps businesses leverage branded payments to reach more customers, build engagement and loyalty, and increase revenue. A Finovate alum since 2012, the company has more than 3,000 workers around the world, and serves 26 countries with its branded payment solutions. Blackhawk features 1,000+ brands in categories ranging from dining and entertainment to retail and home improvement. The Pleasanton, California-based company went public in 2013, and was acquired by Silver Lake and P2 Capital Partners in 2018 in a deal valued at $3.5 billion.

More recently, Blackhawk acquired Edge Loyalty Systems, an Australian sales promotions and loyalty firm, for $23 million (A$32.2 million). This spring, the company purchased SVM Cards for an undisclosed sum.

Moneyhub’s partnership with Blackhawk is the company’s third collaboration this year. In June, Moneyhub teamed up with Lumio, a money management app. The following month, the company partnered with investment performance analytics firm, ARQ.

“Our Open Banking expertise means that we are able to deliver a comprehensive compliance solution to Blackhawk Network, ensuring that it remains a leader in the market and delivers excellence to current and future clients,” Moneyhub CTO Dave Tonge said. “Our growing product offering and the multi-use nature of our proposition means that we are able to work alongside Blackhawk Network and help support their growth and aspirations.”

Founded in 2011 and based in Bristol, U.K., Moneyhub made its Finovate debut at our European conference in 2015. Nationwide Building Society is the company’s primary investor, having led a corporate round for Moneyhub in the fall of 2018.

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