Goldman Sachs, HSBC, Take Stake In U.K. Startup Bud

  • General
  • February 4, 2019
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  • 4 minutes read
Goldman Sachs CEO David Solomon

Photograph by Stuart Isett for Fortune Most Powerful Women

Bud, a London based fintech that provides APIs utilized by banks and other financial technology companies, has raised $20 million Series A funding from investors including Goldman Sachs, HSBC, Banco Sabadell, ANZ, 9Yards Capital, Investec and former Man Group CEO Lord Fink. For a Series A round, this investor list is quite impressive, including some of the biggest names in the banking sector.

Bud has history dating back to four years ago, according to a blog post penned by the company. Work on its service began in 2015 with co-founders Edward Maslaveckas and George Dunning, who have now scaled the company to a team of nearly 70. The company raised a previous $2 million seed round in October 2017 according to Crunchbase.

image : HSBC

The company which has moved from a flat in the London Borough of Hackney, to offices in Google Campus, then Brick Lane, and back to the Hackney Canal with a space at old street roundabout The Bower, is one among a host of startups taking advantage of Britain’s new Open Banking rules to help users manage their finances by uniting data from multiple financial service providers. Bud expects to double in size by the end of this year, thanks to this funding.

Other notable European fintechs include N26 which closed a $300 million round early January, Klarna which recently added rapper Snoop Dogg as an investor and Revolut which obtained a banking license via the Bank of Lithuania, in December.

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