French banking and financial data aggregator Budget Insight has raised $35m in funding from PSG Equity to bolster its presence in the European open banking space.
Budget Insight will use the proceeds to develop new products, expand its footprint in Europe, and increase its headcount by 2025.
The open banking firm has already announced plans to hire for 50 roles in the technology, product, and sales division.
Founded in 2012, Budget Insight uses APIs to allow its clients and their end-users to aggregate financial data and documents, and initiate the transaction.
Currently, the fintech provides open banking solutions to over 200 businesses and institutions, including some of the key French banks, insurance firms, and asset managers.
PSG managing director Romain Railhac said: “Budget Insight is, in our view, strategically positioned in a financial services market that is undergoing profound transformation with the development of open finance.
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By GlobalData“We firmly believe that the market in Europe will consolidate around a limited number of key players, including Budget Insight. We were attracted by Budget Insight’s commitment and ambition to provide financial services companies and institutions with secure, comprehensive connectivity and strong added value.”
Budget Insight CEO Bertrand Jeannet said: “PSG’s arrival marks a new milestone for Budget Insight, whose ambition is crystal clear: to become a European champion in open finance.
“We believe that we have everything we need to achieve this: a B2B model tried and tested over the past 10 years, cutting-edge technology and deep sectorial expertise that goes beyond Open Banking, a rich ecosystem of more than 200 partners, and shareholders who share our vision.”
PSG Equity joins Crédit Mutuel Arkéa as an investor in Budget Insight. Crédit Mutuel Arkéa invested in the fintech in 2019.
