The funding will help Bud support international expansion. Here are the top-line bullets you need to know.
Bud, an open banking platform, has raised $80M in a Series B from TDR Capital.
HOW’S THE COMPANY PERFORMING?
- UK-based Bud provides an API that enables financial services app developers to connect with user bank accounts.
- The platform caters to customers in the UK, Australia, and New Zealand. Its clients include ANZ Bank, HSBC, Totally Money, and Credit Karma.
Source: Bud
WHY DOES THE MARKET MATTER?
- The global open banking market is expected to reach a value of $43.15B by 2026, growing at a CAGR of 24.4%, according to Allied Market Research.
- The increased adoption of online banking applications, particularly amid the pandemic, has contributed to market growth.
- Given that software developers are in short supply, businesses are turning to pre-built open banking tools for application development.
