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HSBC and Goldman Sachs are among investors in a $ 20 million round of financing for the start of British banking technology Bud.
Mr. Bud announced Monday that he would use this money to create the world's largest team dedicated to developing open banking technology, linking customer banking data to third-party applications and products.
"This investment proves that banks are seriously considering how open banking can go beyond regulatory requirements to give top priority to customers," said Ed Maslaveckas, co-founder of Bud.
Bud said he was aiming to double his team of 62 people by one year. Founded in 2015, the startup has signed a contract with HSBC in 2017.
Last year, HSBC launched its first product as part of this partnership, an application that allows users to view the accounts of different banks and badyze their spending data.
Raman Bhatia, Head of Digital Banking at HSBC, will join Bud's Board of Directors as part of this investment. Other investors include Banco de Sabadell, Investec and Stanley Fink, former Managing Director of hedge fund manager Man Group.
This article was published by FN's sister publication, MarketWatch
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