Phoenix Group
20 Old Bailey, London, England, EC4M 7AN, United Kingdom
Overview
The Group is a closed life assurance fund consolidator that specialises in the management and acquisition of closed life and pension funds, and operates primarily in the United Kingdom. Measured by total assets, the Group is the largest UK consolidator of closed life assurance funds. The Group has over 6.1 million policyholders and £76 billion of assets held by the Group’s life companies, including the newly acquired Abbey Life, AXA Wealth and SunLife businesses. The Group's core business segment: life assurance (including its management services operations) is referred to as 'Phoenix Life'. The Group has four operating life companies which hold policyholder assets and a distribution business, SunLife.
- Total investments
- 2
- Lead investments
- 0
- Investments · 12mo
- 0
- Active investors
- 8
Sector focus
- Financial Services
Investment portfolio
- Moneyhub
Participated · Equity · Dec 2022
Moneyhub operates an open finance platform that lets app developers exchange financial data across multiple providers and streamline eligibility, affordability checks and payments. The company has positioned itself as a data and payments integration layer for UK financial services, working to bring its data up to open banking standards and to accept open banking payments on behalf of customers. Moneyhub closed a £55 million debt and equity funding round involving corporate and specialist-bank backers, and previously raised $18 million in early 2021 led by Sir Peter Wood. The October tranche comprised £35 million of equity and a £5 million debt facility, with Lloyds and Legal & General supplying equity alongside specialist bank Shawbrook. Phoenix Group committed an additional £15 million to close out the round and had already been collaborating with Moneyhub on open banking integration. CEO Sam Seaton has suggested the firm could pursue an IPO on London’s stock exchange at some stage, while upcoming UK initiatives such as the pensions dashboard and new consumer-facing transparency rules are expected to drive demand for Moneyhub’s services. Moneyhub is a Briston, UK-based Open Finance data, intelligence and payments platform that provides APIs and white-label products. Led by CEO Samantha Seaton, the platform offers Open Banking and Open Finance data connections, intelligence and payment solutions. Clients can access data, analytics and smart, actionable insights to understand and engage customers. The solution is used by clients including Mercer, Aon, Nationwide and Standard Life. Moneyhub intends to use the funds to accelerate the growth of its offerings and to rapidly expand into new markets and wider industry sectors including wealth, insurance and retail. The company raised a total of $18m in funding.
- Practio
Participated · Equity · Aug 2020
Practio has developed and deployed a digital healthcare platform that enables pharmacies to become central points-of-care, initially offering vaccinations and COVID-19 antibody testing with broader platform services planned. The company has deployed its platform across Denmark since 2015 and began rolling out in the UK in 2019. Practio raised a financing round totaling €8.2M composed of equity, loan conversion and debt financing. Backers in the round included Phoenix Group, Spintop Ventures and Carl Westin. The company intends to use the funds to accelerate its UK deployment and to enter the German market later this year, with additional country rollouts planned from 2021 onward. Founders are Mads Mikkelsen and Jonas Nilsen (MD).