UK-based open banking fintech Bud has raised $80m in a Series B funding round led by Bellis Phantom Holdco.
The round also saw participation from existing backers including Outward VC.
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Bud will use the proceeds to grow its client base, develop its models and support international expansion.
Currently, firms such as Street UK, TotallyMoney and Australia and New Zealand Banking Group (ANZ) use Bud to automate affordability checks.
Other key players in the financial services space such as HSBC and Credit Karma use the open banking vendor’s solutions to enable personalised actions and provide data insights to customers to help them manage their finances.
Bud co-founder and CEO Ed Maslaveckas said that Bellis, which is an indirect affiliate of investment funds managed by TDR Capital, “sees real value in the technology and use cases we have developed”.
TDR Capital managing partner Gary Lindsay said: “We are hugely excited by the potential of Bud, not only in the ability of its platform to truly harness the opportunities from open banking, but also in its far-reaching potential to help power other businesses we are invested in.”
In February 2019, Bud had raised $20m in a Series A funding round led by Goldman Sachs and HSBC.
ANZ also joined the round along with South Africa’s Investec and Spain’s Banco Sabadell.
A year later, the New Zealand subsidiary of ANZ joined forces with Bud to streamline its loan approval process.
