In its efforts to modernise its structure, HSBC has decided to take its relationship with open banking startup Bud to the next level.
The deal means HSBC will initially roll out Bud’s open banking aggregation, data intelligence and marketplace APIs across its First Direct brand. This process will continue across HSBC’s British operations next year.
The news comes after Joe Gordon, chief executive at First Direct, revealed plans to overhaul the brand in October.
HSBC later participated in Bud’s $20m Series A round in February 2019.
The news comes as HSBC is cutting thousands of jobs amidst an extensive restructuring of the bank to modernise it and to cut down on costs.
HSBC is not alone in doing so. Over the past few months, TSB Bank, Deutsche Bank and Commerzbank have all made similar moves.
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