Bud open banking technology firm announced that it received USD 20 million funding from a number of major financial institutions, including HSBC and Goldman Sachs, Financemagnates.com webpage reports.

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

The Bud platform allows banks to create a new generation of finance app that integrates products from third parties, generates insights and simplifies customer experiences.


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. This means hiring people with the passion to shape what this looks like on a larger scale,” he emphasized.

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,” Financemagnates.com notes.

The firm’s rise is qualified as “astronomical”. As noted, the company has gone from being comprised of just two people working out of an apartment to a large firm.

Currently, the company has 85 companies working with it.

“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.

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