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Payments General

HSBC and Goldman Sachs back UK open banking startup Bud

Monday 4 February 2019 | 10:19 AM CET

UK-based fintech startup Bud has secured USD 20 million in a funding round co-led by HSBC and Goldman Sachs.

The London-based company's platform allows banks to update their apps to give users access to financial services products from rivals. Banks can also categorise a customer's spending data using Bud's technology to help them find more cost-efficient products.

Its offering is part of an open banking initiative, which essentially means banks sharing their customer data with third-party providers to enable them to create new financial products. Proponents of open banking say that it will increase competition in the industry and benefit consumers, giving them more choice over who they bank with.

More: Link
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