Bud Fintech was a start-up founded in 2015 in the UK. The start-up was an education platform meant to improve people’s financial health. Later, Bud Fintech was used by global banks to groom the power of an open banking system.
Bud financial has now started operations in Australia and currently will be present in three countries – The UK, New Zealand, and Australia. According to its CEO, Ed Maslaveckas, it plans to expand to two more countries.
The accreditation of Bud Fintech by the Australian Competition and Consumer Commission (ACCC) under the Consumer Data proper legislation has allowed Fintech to start its services in Australia.
What is Open Banking Fintech Company?
Open banking is a process where regulated companies are given limited access to the customers’ bank accounts after taking the customer’s prior permission. This enables the Fintech companies to offer financial products or budgeting advice to the customers in a secure manner.
Open banking launched in Australia only two years back, supported by the CDR that allows consumer data sharing between accredited Fintechs and Banks. Since the launch, the Response Among Customers And Banks Has Been Impressive.
The Funding Round of Bud Fintech
After a series of funding in the seeding, incubator, and accelerator stages, bud financial received $20 million Series A funding from ANZ bank, including other investors, in 2019. In 2021 the ANZ bank partnered with Bud Fintech for its loan approvals through secure open banking technology.
The latest investment of $80 million in Series B funding has come from venture capital companies such as Bellis Phantom Holdco, SEI Investments, and others. Bud Fintech valuation after the current round of funding is between $320 and $480 million.
Bud Open Banking Operations
Bud financial limited is a UK-based financial services provider offering open banking solutions to institutional clients across retail banking, wealth management, Fintech, and buy now pay later platforms with access to open banking using data and data analytics with the help of a proprietary AI platform. Fintech companies also use their platform to distribute third-party products and offer payment capabilities and solutions to clients to market their products quickly.
Bud Fintech product suite is developed to cater to financial and non-financial companies with streaming business processes with the help of transactional data. The company has helped clients to address problems related to auto-switching services for paying their utility bills and helps facilitate credit access for clients who do not have strong credit files.
Bud Fintech’s core platform is to provide insights derived from financial data and set up configurable services that assist clients in getting the services much faster from the market.
