Open banking fintech Bud has raised $80 million in a Series B funding round led by an indirect affiliate of investment funds managed by TDR Capital.Bud’s technology is based on transactional AI models that enable financial institutions to personalise digital products and automate lending decisions.
The firm’s intelligent open banking platform is used by customers including ANZ, Street UK and TotallyMoney to automate affordability checks. Others, including HSBC and Credit Karma, tap Bud’s technology to help customers understand their finances.
The funding will be used to further develop Bud’s models and push international expansion.
Ed Maslaveckas, CEO, Bud, says: “Bud’s transactional intelligence services allow applications to become truly personalised for the first time.
“For example, our lending customers can expect to see an increase of about 85% in capacity by combining open banking data with our AI capabilities in their affordability assessments.”