Open finance hub Moneyhub has reportedly collected $18m in a funding round to support its expansion into new markets.
Direct Line founder Sir Peter Wood led the funding round through his new investment vehicle, SPWOne, according to Zephyrnet.
The FinTech company has built an open finance platform that enables companies to better understand and engage with customers. Its product suite includes personal finance management, wealth and investment management, PSD2 Compliance, small business financing, affordability checking and more.
Its PSD2 compliance tools helps banks to support open banking services as well as validate and authenticate third-party providers.
Moneyhub CEO Samantha Seaton told Zephyrnet, “It is incredibly rewarding to be able to deliver results to both investors and clients in this truly transformational landscape.
“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.”
Moneyhub recently teamed up with Triodos Bank, a bank supporting ESG efforts.
Last year, the FinTech company partnered with payment provider Blackhawk Network. The deal enables Blackhawk to validate third-party providers to access consent driven user data and initiate payments.
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