London-based open banking provider Bud has secured the backing of US credit bureau TransUnion, which has agreed to make a “strategic investment” in the business.
“TransUnion is committed to increasing financial inclusion by continuing to expand the information available to create an accurate and reliable picture of each consumer,” said Satrajit “Satty” Saha, TransUnion’s UK CEO.
Saha said the investment would help TransUnion to grow its open banking offering and “jointly develop the next generation of credit, affordability and fraud solutions … This strategic investment marks the start of an exciting new partnership with Bud, combining our global infrastructure and insights expertise with Bud’s end-to-end Open Banking platform.”
Over the years Bud has lined up several financial heavyweights as backers, including Australian banking group ANZ, Spain’s Banco Sabadell, US investment bank Goldman Sachs, and British multinational bank HSBC.
Regarding Bud’s new backer Edward Maslaveckas, Bud’s CEO and co-founder, said: “By partnering with TransUnion, we’re able to combine advanced data intelligence capability with TransUnion’s expertise in financial services….This will drive improved return on investment for all of our customers, by connecting more people, through the banks they trust, to financial products that make their lives better.”
Financial details of the investment were not disclosed, but it comes less than a year after Bud raised $80m from TDR Capital in order to grow internationally.