Open banking fintech Bud closes $80m Series B funding round

Bud, a UK-based provider of open banking solutions, has announced the completion of its Series B funding round, in which it raised $80 million.

Bud raises $80m in Series B

Founded in 2015, the fintech is now live in the UK, Australia and New Zealand. It plans to expand to two more countries later this year, CEO and co-founder Ed Maslaveckas told TechCrunch.

The latest investment came from Bellis Phantom Holdco (which led the round), SEI investments, Outward VC and others.

Previously, Bud raised $20 million in Series A in early 2019 from 25 investors, including HSBC, Goldman Sachs, ANZ, INVC Fund (a venture fund backed by Investec), and InnoCells (Banco Sabadell’s venture arm).

A number of its investors are also customers, such as ANZ and HSBC.

In the UK, credit broker TotallyMoney, direct lender Street UK, and digital bank First Direct (owned by HSBC) are on its user list.

As TechCrunch notes, Bud has not yet disclosed customer or transaction numbers, nor revenues, nor its latest valuation. According to PitchBook, the fintech was valued at around $58 million pre-this round.