Tech

Bud, an open banking fintech used by HSBC, raises £ 64m

Bud, a fintech start-up banking start-up used by the likes of HSBC and Credit Karma, has $ 80m (£ 63.8m) in the round of Tier B funding round.

Bud said it will use the capital to continue developing its platform, which uses artificial intelligence (AI) to allow financial organizations to offer customized products and automate lending decisions.

It will also use the money to stimulate international expansion.

“Bud transaction information services allow applications to be truly personal for the first time. For example, our loan customers can expect an increase of around 85% in capacity by combining open banking data with our AI capability in their affordability assessments, ”said Ed Maslaveckas, CEO and co – founder, Bud.

Bellis Phantom Holdco Ltd led the Bud Series, based in London, with participation from SEI investments and Outward Venture Capital, among others.

Founded in 2015 by Ed Maslaveckas and George Dunning, ANZ, Street UK and TotallyMoney use Bud’s automated loan decision platform. Banking giant HSBC and Credit use Karma Bud to provide financial data analytics to customers.

Competitors for Bud include London-based financial firm Liberis, which did earlier this week in partnership with Barclaycard.

“We are very impressed with Bud’s ability not only in the platform’s ability to take full advantage of the opportunities from open banking but also in its vast potential to help empower other businesses in which we invest,” said Gary Lindsay, partner management, TDR Capital.

The latest funding boost continues from the firm’s $ Am round of the company’s $ 20m (£ 15.9m) in 2019.

TDR Capital LLP is a London-based private equity company that invests in European companies and manages investment funds with over € 10bn (£ 7.9bn) in committed capital.

Earlier this month HSBC announced plans to invest £ 500m in UK technology small and medium-sized enterprises (SMEs) as part of its 2022 £ 15bn loan fund for SMEs.



Bud, an open banking fintech used by HSBC, raises £ 64m

Source link Bud, an open banking fintech used by HSBC, raises £ 64m

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