HSBC, Goldman and Lord Fink back City fintech firm Bud

Fintech startup Bud has closed a $20m (£15.3m) funding round from investors such as HSBC, Goldman Sachs and former Man Group boss Lord Stanley Fink.

Other investors included Investec’s INVC fund, ANZ Bank, the corporate venture arm of Banco Sabadell and 9 Yards, the venture capital firm which lists former chancellor George Osborne among its advisers.

Bud is used by banks and financial firms to take advantage of Open Banking regulations and create apps that allow customers to view their financial lives in one place. Clients include HSBC, Aviva’s Wealthify, Hiscox and online broker AJ Bell.

The Shoreditch startup said it will use the funding to double its headcount to more than 120 staff by the end of the year, and expand into new markets. The round takes Bud’s funding to date to $23m.

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Chief executive Ed Maslaveckas said Bud’s success is symbolic of how consumers are beginning to demand a more data-driven approach to financial services.

"The investment proves that banks are looking seriously at how open banking can evolve beyond what regulation requires into something that genuinely puts customers first," he said. "It’s just the beginning of a larger change for the finance industry but it’s a significant step forward in helping people gain more control over their lives."

Raman Bhatia, HSBC's head of digital banking, will be joining Bud's board as part of the investment.