Bud, a London-based banking app and website that aggregates financial services, has raised £1.5m in funding.
The finance platform’s funding round was co-led by Investec and banco Sabadell, through InnoCells and InnoCapital). The round was also supported by Force Over Mass as well as a number of influential angel investors. Founded in 2015 by Ed Maslaveckas, CEO, and George Dunning, Bud has been building a scalable, robust and intelligent platform to supply tailored features to large banks. It helps banks build new products and services in partnership with outside companies
The startup said it is using holistic user data to understand people and provide unique banking experiences. The startup works by harnessing APIs in finance to create rich data sets that, combined with their neural network and recommendation engine, help customers get things done.
Maslaveckas said: “At Bud, we help a customer get more done, by allowing the right financial products to play a supporting role at the right time. We connect multiple products into one digital app, that allows customers to have new end to end experiences, automating previously complicated and time consuming tasks.”
After recognising a shift in the market bought about by regulatory change, the team saw it as the perfect time to raise a seed round to capitalise on the new opportunities according to the startup. It will use the fund to expand operations, hire new people, and to continue to develop the platform. The funding comes shortly after its recently announce partnership with HSBC and First Direct.
Maslaveckas added: “Our approach to Open Banking focusses on the different journeys people are on with their money. For example, understanding that the journey to becoming a homeowner has many moving parts means you can serve customers better. Whether that is with budgeting, credit-worthiness, mortgages, insurance, utilities etc. Bud helps introduce people to the right services at the right time to achieve their goals. We call this Financial Fulfilment.”
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