- The two global banking organizations entered the fintech startup’s series A funding round for the investment.
- The funding round also saw participants such as Australia’s ANZ, Spain’s Banco Sabadell and Investec alongside other investors.
Renowned American investment banking firm, Goldman Sachs and British financial services firm, HSBC Holdings (HSBC), reportedly joined forces recently to lead series A funding round for London-based fintech startup, Bud and raised over $20 million for the firm.
Reports cite, apart from Goldman Sachs & HSBC, the series A finding round also saw participation & support from other banking & financial service firms such as, Australia’s ANZ, Spain’s Banco Sabadell and Investec as well as other investors.
According to a report by Reuters, Bud, which already has a partnership agreement with HSBC, is one firm from a plethora of upstart companies that are leveraging from Britain’s novel Open Banking rules in an effort to help users in better managing their finances by merging data from multiple banks as well as service providers.
The CEO of Bud, Maslaveckas stated that the company has been trialing & testing its ideas with the banks over the last year or so, which has proven to be extremely successful. Maslaveckas further stated that now it is time where the company actually scales up & brings these innovations to the live banking environment.
To achieve this goal, Bud intends to scale up its workforce, which currently stands at 70 individuals, by at least double & establish what the company’s CEO calls the biggest team that would be dedicated to Open Banking across the world.
The Head of Digital Bank, HSBC Retail Banking & Wealth Management, Raman Bhatia stated that the startup has helped HSBC to shape-up its approach to open banking and would be working with HSBC to facilitate services & make banking easier to the customers.
According to reports, as part of the investment, Raman Bhatia would also be joining Bud’s Board.