Open Banking FinTech Bud has secured more than $20 million of Series A funding in a round co-led by major banks, including HSBC, Goldman Sachs and ANZ.

The London-based startup uses Application Programming Interfaces (APIs) to combine a consumer’s financial data from a number of sources and artificial intelligence (AI)-driven automation to enable greater control over personal finances.

Other companies involved in the round included existing investors Investec’s INVC fund and InnoCells, the corporate venture arm of Banco Sabadell, former Man Group chief executive Lord Fink, and 9Yards Capital, a venture capital firm advised by former chancellor George Osborne.

The capital will support the expansion of the Bud team, as it moves to double its headcount from 62, and help extend the company’s coverage into new markets over the next 12 months.

In the past year, Bud has penned partnerships with a number of FinTechs, including Wealthify and PensionBee, as well as more established financial services firms Hiscox and AJ Bell.

Ed Maslaveckas, co-founder and chief executive of Bud, said: “The investment proves that banks are looking seriously at how open banking can evolve beyond what regulation requires into something that genuinely puts customers first.

“We are on the cusp of a major cultural shift,” he continued. “People are beginning to understand the value that their personal data holds, they’re taking more control and ownership of it, and they’re using it to achieve more.”

As part of the strategic investment, Raman Bhatia, head of digital bank at HSBC Retail Banking and Wealth Management, will be joining Bud’s board. The two companies struck a partnership in 2017.

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