Moneyhub killed its consumer app to chase B2B open finance, cutting 36 roles

Moneyhub built an open-banking-powered app letting users see all their accounts, cards and finances in one place, and sells B2B engagement products across investments, pensions, savings and banking.

Open-finance infrastructure sold to banks, pensions and investment firms is worth more than a consumer app that never found its market at scale.

£55m funding round in 2022, mainly equity; backers include Lloyds, Legal & General and Phoenix Group.

Founded in 2014 in Bristol, Moneyhub let users view and manage their finances across multiple banks, credit cards and other sources in a single app, growing into an open finance and data specialist backed by high-street finance giants.

In 2025, newly appointed CEO Alastair McGill — replacing Samantha Seaton after eight years — began withdrawing from the D2C app over the following 18 months and restructuring the company. Per Fintech Futures, 36 roles — around 30% of the workforce — were cut, though Moneyhub did not confirm the numbers.

The consumer app wound down while the growing B2B business — engagement products for investment, pensions, savings and banking — became the company's stated whole focus.

The consumer market simply hadn't matured, on the company's own account — a rare, plain admission attached to a product shutdown.

The B2B line was the part actually growing, with engagement products across investments, pensions, savings and banking.

Backers double as distribution: Lloyds and Legal & General are exactly the institutions an open-finance data specialist sells to.

New CEO Alastair McGill made the call within weeks of arriving — a textbook new-leader portfolio reset.

Peer context sharpened the logic: open-banking fintech Vyne closed its UK operation the month before.

A D2C app can be the brand but not the business: pulling the consumer product to fund the growing B2B line is a reset backers will underwrite — and the layoffs land first.

As of the 14 February 2025 report, the app would wind down over the following 18 months, 36 roles were reportedly cut (unconfirmed by the company), and the B2B business was the stated focus. No revenue figures were given.