Bud, which is already backed by HSBC, is one of a number of upstart firms taking advantage of Britain’s new Open Banking rules to try and help users manage their finances better by combining data from multiple banks and service providers.
Recognising the threat posed by nimbler fintechs, big banks are investing in such companies in an effort to pair their respective strengths.
Fintech companies like Bud have moved quickly to try to capitalise on the new rules which are designed to promote competition and make it easier for users to see all their financial products in one place. But traditional banks still have many more customers.
Other investors in the latest round of fundraising by Bud include Australia’s ANZ , South Africa’s Investec and Spain’s Banco Sabadell .
Bud stated that it would use the $20mn investment to help to double its staff numbers from the current 62, and to expand into newer markets.