Bud Raises $20m from HSBC, Goldman Sachs and Others

The open banking technology firm plans to double its number of staff by the end of the year

Financial technology company Bud announced on Sunday, via a blog post on Medium, that it has received $20 million in series A funding from a number of major financial institutions, including HSBC and Goldman Sachs.

“This investment,” said Bud CEO and Co-Founder Edward Maslaveckas, “by HSBC, Goldman Sachs, Banco Sabadell, ANZ and Investec — as well as some fantastic VC partners in the form of 9Yards Capital and Lord Fink, the former CEO of the hedge fund Man Group — is proof that we’re going in the right direction.”

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Founded in 2015, Bud aims to simplify the average person’s banking experience. Maslaveckas came up with the idea when he had to use three different applications in order to access cash abroad.

In his post, Maslaveckas also gave some indication as to what the money that the firm has raised will be put towards.

“We’ll stay focused on [our core offering] as we double in size again by the end of 2019,” the company CEO said. “This means hiring people with the passion to shape what this looks like on a larger scale.”

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From an apartment to WeWork

Based in London, Bud currently has just under 70 people on the company payroll. A quick look at the company’s ‘Careers’ page indicates that it has already begun attempting to attract new talent, with more than 20 open positions listed there.

The firm’s rise has been astronomical. As noted, the company was only founded in 2015. Since then it has gone from being comprised of just two people working out of an apartment to a large firm operating out of swish, hipster-y WeWork offices in East London.

Currently, the company has 85 companies working with it, who are ready to provide their services using the company’s technology once it goes live.

“The challenges ahead are considerable, but we now have the resources, time and structure to push forward and deliver on our original vision,” said Maslaveckas. “I can’t wait to get started.”

 

 

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