The integration will reportedly enable Buddy’s 3 million users worldwide to connect their financial accounts to the app and automate their savings, allowing them to manage their finances effortlessly and make informed decisions, according to the official press release.
Founded in 2017 and headquartered in Stockholm, Buddy has reportedly become one of the fastest-growing budgeting apps for Gen Zers, with 25,000 five-star ratings to date. The app operates in 175 countries and is one of the top-ranking personal finance apps in the US and Canada. With this integration, Buddy aims to change the way younger generations manage their money by providing them with a more comprehensive and personalised view of their finances, the press release continues.
Plaid’s Open Finance APIs are meant to enable Buddy’s users to connect their financial accounts to the app in a secure way. The integration will enable users to track their spending, understand their habits, and increase their financial visibility, helping them to make smarter financial decisions. The integration will also seek to help alleviate the financial challenges faced by Gen Z, including rising inflation and tuition fees, and help them build a solid financial foundation for their future.
According to the CEO and founder of Buddy, budgeting apps have become increasingly important among Gen Zers, and Buddy is reportedly making it convenient and joyful to manage their finances. The company’s official also believes that by using apps like Buddy, younger generations can gain better control over their finances and make more informed decisions, which will help them develop healthy financial habits that will serve them well in the future.
In conclusion, Buddy’s integration with Plaid is a step towards empowering younger generations to take control of their finances and plan for a better financial future. With its user-friendly interface and automated savings feature, Buddy is reportedly making it easier and more convenient for Gen Zers to manage their money, helping them to achieve their life milestones and build a solid financial foundation for their future, the official press release concludes.
In March 2023, the budgeting app for young people partnered with Klarna Kosma, a financial technology platform, to offer users a better way to track expenses and gain control over their finances.
In April 2023, Finastra partnered with US-based Open Banking platform Plaid to help it integrate with the Fusion Digital Banking platform. Also in April 2023, Plaid announced an integration in the US with Monzo, meaning that customers can now connect their Monzo account to over 8,000 fintech apps.
In February 2023, Plaid announced the launch of a security portal to help partners and customers accelerate their cybersecurity due diligence efforts and make informed decisions. Earlier that month, Plaid launched its Identity Verification and Monitor, a global verification and KYC solution, in Canada.
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