Bud, an open banking provider, has raised $80m in a Series B funding round from TDR Capital.
According to AltiFi, Bud plans to grow its client portfolio, develop its models and build on its international expansion.
Ed Maslaveckas – Bud co-founder and CEO – said that while he could not share exactly where the company plans to expand next, he hopes the company is in two major new markets before the end of the year.
He said, “There’s lots of open banking aggregation players, but there’s very few people that have built good data intelligence, and what we are allowing for is for businesses that work with existing aggregators to use our intelligence services.
“We want to be building a valuable company and we want to be aiming high. This round helps us to get there. We want to let the world know that we move differently in the open banking space.”
Bud said that by combining open banking data with AI capabilities will allow lending customers to see an increase of around 85% in capacity in their affordability assessments.
Maslaveckas added, “When you think about the open banking landscape, we kind of see ourselves as number one when it comes to the data intelligence and machine learning element of that. If you look at the big dynamics in the open banking space, you’ve got players like Tink and Plaid who’ve gone after connectivity […] and you’ve got players like TrueLayer who have gone after payments. This is the biggest bet that has been placed on someone who’s going after the intelligence piece.”
Financial institutions across Europe are “betting big” on open banking payments, according to recent research from European open banking platform Tink, citing tangible benefits for merchants and their end users.
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