UK-based fintech start-up Bud, which allows banks to offer rivals’ products on their apps, has raised $20m in a Series A funding round led by Goldman Sachs and HSBC.

Other investors in the latest fundraising round include ANZ, South Africa’s Investec and Spain’s Banco Sabadell.

9Yards Capital and Lord Fink, the former CEO of the hedge fund Man Group, also participated in the round.

Fintech app Bud: future plans

Through its platform, Bud helps the banks to upgrade or create their app integrating products and services from third parties.

The service utilises UK’s new Open Banking rules and enables the users to manage their finances through a single app.

Additionally, the banks can also segregate customers spending data utilising Bud technology to provide deeper insights and improve customer experience.

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Bud intends to use the money to expand into new markets as well as increase its staff strength.   By the end of this year, the company plans to double its employee strength from the current 62 members, reported Reuters.

“The challenges ahead are considerable, but we now have the resources, time and structure to push forward and deliver on our original vision,” Bud said in a blog post.

Last year, Bud announced the launch of Bud.X, an API offering access to Open Banking. It enables financial institutions to access Open Banking capabilities and new distribution models.