ANZ is now working with a UK open banking platform
The bank took part in a Series A funding round for the platform along with HSBC and Goldman Sachs.
ANZ has invested an undisclosed amount in a UK fintech platform that offers financial institutions and companies a way to take part in open banking. Bud’s platform acts as an additional layer of technology that increases the functionality of new or existing apps. Through APIs, Bud is essentially offering a way for banks to securely connect to fintechs through existing bank apps. If its Series A funding round is anything to go by, the banks are on board.
Bud raised $20 million from a number of high-profile financial institutions globally with the round co-led by HSBC and Goldman Sachs. Other financial institutions that took part in the Series A funding include ANZ, South Africa’s Investec and Spain’s Banco Sabadell.
“ANZ is pleased to be working with Bud and its open banking technology as we look to provide our customers with the best digital banking experience,” said an ANZ spokesperson.
Open banking, the first iteration of Australia’s Consumer Data Right which will see consumers able to direct their financial data to be shared between authorised companies, will start in Australia by 1 February 2020.
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