Banco Sabadell, the owner of TSB, and Investec are supporting a UK fintech startup which is building platforms to help people manage their finances.
Bud has collected £1.5m from investors who were led by the asset manager of FTSE 250, and the Spanish Bank’s digital venture arm, InnoCells.
Also participating in the early stage is Force Over Mass Capital. This is the fund that was established by Theo Osborne, the brother of former chancellor and now newspaper editor, George Osborne.
The cash comes fresh off the back of HSBC revealing that the startup is assisting it to build a new app for First Direct, its digital-only bank.
“We connect multiple products into one digital app, that allows customers to have new end to end experiences, automating previously complicated and time-consuming tasks,” stated Ed Maslaveckas, the chief executive and co-founder.
The two-year-old startup is among the 20 banks to be chosen to participate early in Open Banking efforts under proposals from the competition watchdog, which will have banks open up their information.
“We shared Bud’s vision of a seismic shift to traditional banking from the outset and are delighted to be an early partner as they catalyse and empower Open Banking in the months and years ahead,” stated Devin Kohli, Investec’s co-head of emerging companies.
The new cash will go on expanding the business including across Europe and further afield.