UK-Based Open Banking Firm Bud Financial Expands to US

Bud Financial  has expanded into the United States.

The U.K.-based provider of open banking and transactional data intelligence has already made key hires as it goes to market in the U.S., Bud said in a Wednesday (March 29) press release.

“We are thrilled to bring Bud to the U.S.,” Bud CEO Edward Maslaveckas said in the release. “The U.S. shows growing interest in open banking, and many Americans are wondering how they can use transactional data in the businesses.”

PYMNTS research has found that open banking has become a welcome disruptor in the payments ecosystem.

For example, open banking has made it easier for financial institutions and retailers to create innovative products that rely on secure instant payments, and it has powered microbusinesses seeking to expand but lacking the ability to process international payments, according to the “Open Banking Report,” a PYMNTS and TrueLayer collaboration.

In the case of Bud, the firm’s Transactional AI product turns transactional data into rich customer insights and helps businesses turn those assets into products, according to the press release.

The platform enables them to enhance their customer onboarding experience and personal financial management services, connect their customers to relevant financial products and services, and make faster, more informed decisions, the release said.

“Our Transactional AI not only enables lenders to make informed lending decisions faster, but it also drives customer lifetime value by fueling personalized services,” Kyle Ray, the newly appointed executive vice president of Bud North America, said in the release. “With this innovative platform, both lenders and borrowers can benefit. I couldn’t be more excited to lead Bud’s U.S. go-to-market with an incredible team.”

The news of the company’s launch in the U.S. comes about two months after the announcement that TransUnion has invested in Bud, saying that the partnership will drive innovation in the personal finance market and greater financial inclusion among consumers.

“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,” Satrajit Saha, CEO of TransUnion in the United Kingdom, said Jan. 31. “This will allow us to grow our open banking offering and jointly develop the next generation of credit, affordability and fraud solutions.”