Bud, a London, UK-based open banking app, raised $20m in Series A funding.
According to a blog post, backers included HSBC, Goldman Sachs, ANZ, Investec’s INVC fund, InnoCells, Lord Fink, and 9Yards Capital.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Edward Maslaveckas, CEO, and George Dunning, CTO, Bud provides an Open Banking as a Service API that enables banks to create a new generation of finance app that integrates products from third parties, generates insights and simplifies customer experiences.
Its open banking API enables banks to build digital products to:
– Increase the functionality of new or existing apps by letting customers securely link their bank accounts and more
– Improve customer engagement with personal insights and notifications
– Use bank data to make user journeys more meaningful and less time-consuming.
The company has connections with fintech companies and financial service providers, allowing banks to integrate products and services into existing apps or launch new products.