UK-based digital banking software developer Bud has secured $20m in a series A round that included financial services firms HSBC, Banco Sabadell and ANZ Group and investment bank Goldman Sachs.
The round also featured asset management firm Investec, venture capital firm 9Yards Capital and private investor Lord Stanley Fink, formerly chief executive of hedge fund Man Group.
Founded in 2015, Bud has created a software platform that helps financial services providers create apps that enable their customers to manage all their financial products from a single place while allowing the banks to comply with open banking regulations.
The technology means banks can integrate with and connect their account data to third-party financial services providers and technology developers.
The round, which followed $2m in seed capital from Banco Sabadell subsidiary InnoCells, Investec and Force Over Mass Capital in late 2017, was co-led by HSBC and Goldman Sachs according to CNBC.
George Dunning, Bud’s chief technical officer and co-founder, told TechCrunch: “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 focused on things like increasing financial literacy.”