This capital injection completes Moneyhub’s £55m funding round.
The firm plans to use the fresh infusion to speed up the development of its solutions and advance the internationalisation of its border agnostic technology.
The latest investment comes shortly after a £40m investment in October this year from a group of companies including Legal & General, Lloyds Banking Group and Shawbrook Bank.
It allows Phoenix Group to become a co-lead investor along with Legal & General and Lloyds Banking Group in Moneyhub.
Phoenix Group will now own a minority stake in the payments firm.
Its subsidiary Standard Life has an existing commercial association with Moneyhub through Money Mindset, a financial wellness plan for workplace pension customers that uses Moneyhub’s Open Finance platform.
Moneyhub, which currently caters to more than 100 clients, will help Phoenix Group with additional customised, customer specific services using consumer-based data and open banking payments tools.
The firm’s offerings will also help its clients comply with the planned Consumer Duty and Pension Dashboard legislation, among others.
Moneyhub CEO Samantha Seaton said: “This additional investment from Phoenix Group, following our long-standing commercial relationship with its Standard Life business, is further testament to the growing possibilities the industry sees in Open Data, and the transformational role Moneyhub can play.
“We are delighted that Phoenix Group has chosen to go even further by investing in the business.
“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.”