British fintech startup Bud has seen backing from some of the biggest names in finance this week. Bud’s platform, based on open banking, allows banks to update their apps to give users access to financial services provided by product rivals.
The platform also means banks can manage their customer data surrounding spending in order to help customers find cost-efficient products. This uses the concept of open banking to keep all the information required by customers in one place.
Now, the platform has secured $20mn in its latest funding round, bringing its total investment to date up to $32mn. The round was led by Goldman Sachs and HSBC, and following on from this investment HSBC’s head of digital banking Raman Bhatia will join the startup’s board.
Other investors included Investec’s INVC fund and ANZ Bank. A spokesperson from ANZ said: “ANZ is pleased to be working with Bud and its open banking technology as we look to provide our customers with the best digital banking experience.”
In a company blog post, Bud’s CEO Edward Maslaveckas said: “The investment… is proof that we’re going in the right direction. Proof that some of the world’s most forward-thinking investors think that our model (and our execution of it) represents a real opportunity to change the way people deal with money.”
Bud currently has around 70 staff and works with around 85 providers who are making their services available through the network.