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HomeNewsBud Raises $80M for its AI-Powered Open Banking Platform

Bud Raises $80M for its AI-Powered Open Banking Platform

Bud raises $80M in a Series B funding round from TDR Captial for its AI-Powered open banking platform.

To develop its international client portfolio, Bud, an open banking platform, raised $80M in a Series B funding round. The company is known for its embedded financial services, where various fintech technologies are applied to enhance the offerings.

The idea of establishing an open banking platform was to provide a single point of access for consumers to learn and benefit from the fintech services. Later, the model became a viable B2B model for collaborating with other institutions and larger banks to help them enhance customer engagement.

Over time, several financial institutions across Europe started betting big on open banking payments by citing several tangible benefits for both merchants and customers. 

Read More: Uber and Waymo to Deploy AI-powered self-driving trucks on the US Highways.

Bud’s CEO and co-founder, Ed Maslaveckas, said, “There’s lots of open banking aggregation players, but there’s very few people that have built good data intelligence, and what we are allowing for is for businesses that work with existing aggregators to use our intelligence services.”

He also highlighted that Bud would use the investment for international expansion and R&D. Specifically, it will cater to building on AI-based tools. Besides the vital area of focus, Bud will also contribute a part of the raised money to enhance categorization, income verification, and merchant recognition.

Such advances in the banking sector have less to do with banks ingesting more data from external sources but more with them being able to access what is sitting in their corner. Bud believes that the conjugation of open banking data and AI capabilities will enable the lending customers to grow their capacity by around 85% in their affordability assessment.

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Disha Chopra
Disha Chopra
Disha Chopra is a content enthusiast! She is an Economics graduate pursuing her PG in the same field along with Data Sciences. Disha enjoys the ever-demanding world of content and the flexibility that comes with it. She can be found listening to music or simply asleep when not working!

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