Open Banking provider Bud received funding from ANZ (among other investors) in a USD 20 million series A funding round in 2019, and the bank went on to partner with the fintech in early 2021 to secure Open Banking technology for its loan approvals. Today, the bank processes most of its consumer lending in New Zealand using Bud's tools. The fintech is also active in the UK and Europe.
Open Banking was launched in Australia around two years ago (2020) and is enabled by the CDR that allows API-first consumer data sharing between banks and accredited fintechs, with permission from consumers. Since its launch, uptake among banks and customers has reportedly been impressive.
Founded in 2015, Bud provides institutional clients – across fintech, retail banking, wealth management, and Buy Now, Pay Later – with opening banking access and data and analytics intelligence using its proprietary AI platform. The firm also uses its platform to help distribute third party products and host payments capabilities, as well as devising solutions to help clients bring their services to market at speed.
The company says it can help clients tackle problems from building auto-switching services for individuals over-paying on utility bills, to helping facilitate credit access for people with thin credit files.
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