Fintech app Bud banks $20m from major backers

Ben Heathcote

In App Deals. February 6, 2019

British fintech app Bud has raised $20 million in funding from HSBC, Goldman Sachs, Banco Sabadell, ANZ and Investec, taking its total raised to date to $32 million. The Series A investment round also included support from VC partners 9Yards Capital and Lord Fink, the former CEO of hedge fund Man Group.

London-based Bud is behind a smartphone app which lets users combine data from all their mobile banking and money apps. The startup is one of a number of companies taking advantage of the UK’s newly introduced Open Banking rules, designed to promote competition while allowing users to view all their financial services in one place.

In a blog post written by co-founder Edward Maslaveckas, he said:

“This investment by HSBC, Goldman Sachs, Banco Sabadell, ANZ and Investec – as well as some fantastic VC partners in the form of 9Yards Capital and Lord Fink, the former CEO of the hedge fund Man Group – is proof that we’re going in the right direction.”

The fresh funding will be used to double Bud’s staff numbers to more than 120 by the end of 2019.