Bud will announce a strategic partnership with ANZ that will see the fintech’s aggregation and categorisation service adopted by the bank. The deal is driven by new regulations in New Zealand pushing lenders to improve their affordability checks on borrowers, including breaking down income and expenses in detail.
With Bud, ANZ will be able to upload an applicant’s statement and use Bud’s automated system to break down the information and do what otherwise could be a manual and laborious process. Given ANZ is one of Bud’s investors, the deal is a vote of confidence in the fintech’s ability to deploy its tech within a large banking organisation.
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