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Bud obtaines USD 80 mln Series B for global expansion in 2022

Tuesday 7 June 2022 13:38 CET | News

Open Banking provider Bud has obtained USD 80 million in funding to grow its client portfolio, develop its models, and build on its international expansion, according to AltFi.

 

The funding was obtained from TDR Capital. Bud secured its accreditation and began operations in Australia earlier in 2022, having received backing from ANZ, among others, in its USD 20 million Series A round in 2019. Back then, the Open Banking solution provider also received investments from Goldman Sachs and HSBC, though none have been involved in the round this time around. 

Before the end of 2022, Bud hopes to be in two major new markets. The fintech is currently used by customers including ANZ, Street UK, and TotallyMoney to automate affordability checks that previously required manual searching through translation data and bank statements, according to AltFi.

Other organisations, such as HSBC and Credit Karma, use the technology to provide data insights and personalised actions to their customers to help improve their finances. The company said that combining Open Banking data with its AI capabilities will allow lending customers to see an increase of around 85 percent in capacity in their affordability assessments. It has also said that having spent the last three years developing its core technology, it is now able to enter a new market and reach 93 percent accuracy in just six weeks, AltFi concludes.


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Keywords: investment, funding, Open Banking
Categories: Banking & Fintech
Companies: Bud
Countries: World
This article is part of category

Banking & Fintech

Bud

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