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London-based fintech startup Bud has successfully raised $20 million in additional funding. In the Series A round, the startup seems to be backed up by a number of banks such as HSBC, Goldman Sachs, ANZ, INVC and InnoCells. The funding also involves Lord Fink and 9Yards Capital. Post the round, Bud’s funding to date to $32 million.
Bud, integrates apps and data to other fintech firms
The U.K. based startup assists banks to integrate their apps and data to other fintech companies and financial service providers. Bud was found in 2016 as a consumer app that had the motive of making various financial services accessible from a single aggregated interface.
The startup has shifted to a tech platform, thus assisting banks to stay more competitive in the Open Banking/PSD2 era. The tech platform allows banks to form new apps and services which enable customers to manage all of their financial products within one app.
Bascially, Bud portrays itself as a technological cover that smartly integrates bank account data to third-party financial services. These third-party financial services involve financial services offered by fintechs as well as traditional financial service providers. Bud also works on creating new consumer experiences from bank data.
How will be the latest funding utilised?
The startup is going to utilise the new funding amount to hire new employees as Bud is seeking to double-up its team to 120 employees by the end of the year. As of now, the company has 62 employees. Bud also claims that it will be creating the “largest team dedicated to Open Banking in the world”.
Clients and partnerships
HSBC also counts as the Bud’s client via First Direct, which is owned by HSBC. In the financial services arena, the fintech startup is working with 85 companies working as third party providers including Wealthify, PensionBee, Hiscox and AJ Bell.
Bud is also working in partnership with the U.K. government in the Rent Recognition Challenge, in order to create new solutions for people wishing to get on the housing ladder.
Regarding the features of the startup’s app, Bud CTO and co-founder George Dunning stated, “We have built a number of data enrichment features using transactional data to make people’s lives that little bit easier. Connection and aggregation of people’s accounts is the standard now, so we focussed on things like increasing financial literacy. ‘Smart Balance’ is a feature that shows users what they can safely spend and ‘Goals’ help them plan ahead. Our advanced regular payment finder filters and tracks bill payments and if you can save money Bud connects you to a service that will make it happen”.
Bringing a revolution
Bud is working towards transforming the face of finance for fintechs by identifying new and smarter distribution channel for their products. It works by combining open banking data, AI perfection, and a connected marketplace to create a new age of financial experiences.
Stay tuned to Silicon Canals for more updates in the tech startup world.