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HSBC, Goldman Sachs invest in UK startup Bud

UK’s banking technology startup company Bud has got investments worth $20 million from investors, including HSBC and Goldman Sachs. Bud said it will use the money to create the world’s largest team dedicated to the development of open-banking technology, connecting customers’ bank data with third-party applications and products. The firm is expected to double its team of 62 within a year. Founded in 2015, it had entered into a tie-up with HSBC in 2017 and the bank had launched its first product as part of the partnership, an application allowing users to see accounts from different banks and analyze their spending data. Raman Bhatia, HSBC’s head of digital banking, will be joining Bud’s board as part of the investment. Other investors include Banco de Sabadell, Investec and Stanley Fink, former chief executive of hedge fund manager Man Group.

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