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Eversheds Sutherland advises Legal & General on multi-million pound investment into Moneyhub

  • United Kingdom
  • Global

    02-11-2022

    Eversheds Sutherland has advised longstanding client Legal & General, one of the UK's leading financial services groups, on its multi-million pound investment into Moneyhub, a market leading Open Finance, Open Data and payments platform.

    Moneyhub secured an initial £35m funding commitment from Lead Investors Legal & General and Lloyds Banking Group, with an additional £5m debt facility provided by Shawbrook. Legal & General’s investment is partially subject to regulatory approval.

    Legal & General and Lloyds Banking Group will take minority stakes in the business. Each will also look to enhance their commercial propositions with Moneyhub’s services, using its Open Data technology to support strategic goals.

    The Eversheds Sutherland team, led by corporate Partner, Jon Gill, provided advice on all aspects of the transaction including due diligence, regulatory approvals and the negotiation and finalisation of the investment documentation. The team comprised: Tom Goff, Principal Associate (corporate) and Oscar Coombe, Associate (corporate), together with a number of colleagues across various capabilities.

    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. While Moneyhub is already present in several countries, the new funding will expedite the internationalisation of its scalable and border agnostic technology.

    The Lead Investor funding forms part of a larger raise which has been sought to support the continued acceleration of Moneyhub’s growth across its spectrum of Open Banking, Open Finance, and Open Data solutions.

    Jon Gill, corporate Partner, Eversheds Sutherland, said:

    “This is an exciting opportunity for Legal & General and we were thrilled to be able to contribute our expertise in Corporate Venture Capital (CVC) investments in order to deliver a successful investment alongside Lloyds Banking Group.

    “Despite the wider economic backdrop, CVC investment remains very strong, with the long term strategic requirement to partner with innovators and provide them with smart capital continuing to drive deal activity. This transaction is a great example of such a combination, and we wish the Legal & General team every success in realising the potential of this exciting new partnership.”

    Wian Pieterse, Fintech Managing Director, Legal & General, said:

    “Data is key in helping customers make informed decisions, reach better financial outcomes, and ultimately create brighter financial futures. That’s why it was an obvious choice for us to invest in Moneyhub, to accelerate our commercial goals and support the growth of our Workplace savings business.

    “Eversheds Sutherland has advised us for a number of years, and throughout that time has remained committed to gaining a comprehensive understanding of our business. This latest transaction is another great example of the Eversheds Sutherland team applying that understanding, along with their legal technical excellence and sector know-how to ensure another successful completion for our business. We’re delighted.”

     

    Jon Gill, Partner

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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