Posted on February 4, 2019 by staff

FinTech receives £15m from HSBC, Goldman Sachs


FinTech start-up Bud has closed a $20m (£15.3m) funding round from investors including HSBC, Goldman Sachs and former Man Group boss Lord Stanley Fink.

The Shoreditch-based start-up said it will use the funding to double its headcount to more than 120 staff by the end of the year, and expand into new markets.

The round takes the start-up’s total funding to $32m.

Bud is used by banks and financial firms to take advantage of Open Banking regulations and create apps that allow customers to view their financial lives in one place.

Its clients include HSBC, Aviva’s Wealthify, Hiscox and online broker AJ Bell.

Chief executive Ed Maslaveckas said Bud’s success is symbolic of how consumers are beginning to demand a more data-driven approach to financial services.

“The investment proves that banks are looking seriously at how open banking can evolve beyond what regulation requires into something that genuinely puts customers first,” said Maslaveckas.

“It’s just the beginning of a larger change for the finance industry but it’s a significant step forward in helping people gain more control over their lives.”

Other investors in the round included Investec’s INVC fund, ANZ Bank, the corporate venture arm of Banco Sabadell and 9 Yards, the venture capital firm which lists former chancellor George Osborne among its advisers.

Raman Bhatia, HSBC’s head of digital banking, will be joining Bud’s board as part of the investment.