Bud partners with Farpoint Labs, the maker of Winston app. (Credit: Bud Financial Limited.)

Bud, a UK-based fintech firm, has signed a deal with Farpoint Labs, the developer of the Winston personal finance app.

This deal will aid users of Winston save for their first home by linking their bank accounts through Open Banking and sharing their rent payment data with Credit Reference agencies with the help of Bud’s technology.

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For Bud, this deal represents its first with a startup since it announced its intention last year to re-purpose aspects of its enterprise platform in order to make it accessible to smaller firms.

Bud CEO Ed Maslaveckas said: “Open Banking has so much potential, but before we can realise that, the industry needs to get a clear understanding of how people think about value exchange. That’s what Alexander and the team at Farpoint appreciate.

“They’re clear that customers aren’t going to be wowed by aggregation on its own and that people will need more tangible benefits before Open Banking can really embed with the mainstream.”

Farpoint Labs CEO Alexander Cannon said: “Bud was a natural partner for us, from the tech to support, they have enabled us to easily access Open Banking as well as support and functionality that is essential to our value proposition. We’re looking forward to continued cooperation for years to come.”