> MONEYHUB

Ready To Create The Next Big Thing?

The idea for Mercer Money came from a desire to create a market-leading financial wellness product for the workplace savings market. Bringing pensions to life is about helping people to see the bigger picture. Only then can we make truly informed decisions. Moneyhub allows us to do this for our scheme members whilst helping them to connect less tangible concepts like future savings, with the here-and-now. Connecting the shopping of yesterday with the retirement of tomorrow has never really been done before. That’s why we teamed up with Moneyhub to make use of the features that can bring financial wellness to life for the workplace market.”

- Mercer

Whatever the business, Moneyhub’s Open Finance platform cultivates consumer trust – the ultimate brand currency – allowing companies to deliver innovative, hyper personalised experiences to their customers.

For the first time in history, there is now a way for businesses of all shapes and sizes to understand their customers inside-out – their goals, pain points, and how they live their lives. Moneyhub helps businesses from both within and outside of financial services to understand and engage their audience through powerful Open Finance data, analytics, insights and card-free payments, helping them create tailored products and services that deliver against customer needs and build all-important consumer trust.

Right now, Moneyhub is enabling its clients to reach over 40 million people through its APIs and white-label solutions across a range of industries, from fintech, online advertising and payments, to building societies, employee benefits companies, pensions and investments.

Our story
Back in 2014, we noticed a big flaw in how consumers were able to interact with their own financial data. We wanted to help improve people’s financial wellbeing but were frustrated by the inability to see their banking and financial accounts such as pensions, investments, loans, mortgages, savings and property value in a single place. Our tech team had a passion to make things better and developed an app, with personalised transaction categorisation to show all of a user’s finances in one central location.
Winning Finovate Europe – Moneyhub was born.

From Consumer to B2B
Soon, other companies wanted to offer a version of our app to their customers, with their own branding and features. Others wanted to build their own, so we helped them aggregate and interpret the financial data through our API. Our consumer insight continuously shapes our B2B offering.

 

Open Banking
All of this happened before any legislation was in place, and due to our knowledge and experience, we helped write the standard which was introduced in 2018 known as Open Banking. The legislation forced major UK banks and bulding societies to make consumer banking and financial accounts data accessible to authorised companies like Moneyhub, when requested by the consumer. But why was this important? Open Banking boosts competition in banking, benefiting consumers by encouraging and empowering tech-led businesses to innovate.

Payments
In 2018 we also shook up the world of payments. At an event, our COO, Dan Scholey, facilitated the first ever Open Banking powered payment – live – resulting in an instant direct bank to bank payment without the cost and need of a credit or debit card.

Innovator and innovation enabler
Moneyhub is both innovator and innovation enabler – in fact, continuing to be both is what drives us. When Open Banking was just a theoretical concept, we pioneered groundbreaking financial data aggregation tools for holistic financial planning, and innovated the way to pay using bank accounts instead of cards. Now, we are a leader in using customer insights for the welfare of clients and users, and work on the MaPS Pension Dashboard and TISA’s Open Savings & Investment steering committees to put the power of data into the hands of those who own it: the consumer.

Why Bristol?
We rely on the expertise and passion of our people. Our technical team is led by postgraduates from Bristol University, and our dedicated and driven team are largely drawn from the local talent pool. We attract the best and brightest from an area where we can truly champion diversity, provide an attractive and flexible work/life balance, and scale-up more economically than in London or elsewhere. The thriving and multicultural city of Bristol provides the infrastructure needed for a fast-growing tech company, including great national and international transport links, and some of the leading STEM universities in the country, particularly in the fields of Artificial Intelligence and Data Security.

As a company with creativity running through our veins, having a strong music and arts scene within the city, alongside inspirational countryside on our doorstep, is very important to us. We can’t imagine being anywhere else and believe the question should be: ‘Why not Bristol’?

Where next?
Since our genesis, we’ve made progress of which we’re incredibly proud, but ask any Moneyhubber, and they’ll tell you that we’re only at the start of our journey. Creating the ‘Next Big Thing’ and delighting customers is now firmly within the grasp of any company with the vision and ideas – and we’re here to support every step of the way.

Financial services play a huge part in our lives, and we see a future where these link together a huge range of other sectors into a great ecosystem of Open Finance and Open Data. This will be transformative in how we think about and use money on a global scale, and we are thrilled to be at the forefront, continuing to put our creative thinking to the test. Because that – as they say – is where the magic happens. Watch this space!

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