Open Banking Fintech Bud Financial Expands Operations into the US

Bud Financial Limited, a key player in Open Banking and transactional data intelligence, announced its expansion into the United States.

Bud’s entry into the US market reportedly coincides “with high demand for innovative products to shake up the $20 trillion banking industry.”

Backed by HSBC, Goldman Sachs, and TransUnion, Bud has already “hired its go-to-market team to meet ample market demand.” The launch “follows TransUnion’s strategic investment announced in February.”

Headquartered in London, UK, Bud has been “helping clients turn complicated financial data into products that accelerate growth since 2015.”

Clients use Bud’s platform “to enhance their customer onboarding experience and personal financial management services, in order to boost engagement and increase loyalty.”

Bud’s aggregation and categorization capabilities “power lending through income and employment verification, ongoing transaction monitoring, and creditworthiness assessments — connecting people to financial products and services that improve their lives.”

Clients leverage Bud’s cash flow analytics “to make faster, more informed decisions that can result in increased revenues and reduced losses.”

Edward Maslaveckas, CEO of Bud, said:

“We are thrilled to bring Bud to the US. The US shows growing interest in open banking, and many Americans are wondering how they can use transactional data in their businesses.

Bud’s Transactional AI is reportedly “the first of its kind, offering lenders a highly accurate picture of their customers’ income, expenses, and creditworthiness in real-time.”

Lenders can “approve more loans, assess risk confidently and recommend the right products at the right time.”

Edward added:

“We can’t wait to bring our Transactional AI to customer-focused lenders in the US and North America.”

Bud’s North American operation launches “with a newly appointed leadership team, bringing experience from across the US fintech landscape to oversee its expansion.”

The core launch team includes:

  • EVP North America, Kyle Ray
  • SVP Sales, Jeff Thormann
  • VP Sales, Nathan Mairs
  • AVP, North American Head of Marketing, Melissa Hougie
  • Lead Product Manager, Chris Luth
  • Director of Business Development, Corey Horr

Kyle Ray, EVP Bud North America, commented:

“Assessing creditworthiness has always been a challenge for lenders of all sizes in the financial services industry. Having spent almost twenty years in the field, I have seen this firsthand. But the solution is here and now: Bud’s real-time transactional insights. Our Transactional AI not only enables lenders to make informed lending decisions faster, but it also drives customer lifetime value by fueling personalized services. With this innovative platform, both lenders and borrowers can benefit. I couldn’t be more excited to lead Bud’s US go-to-market with an incredible team.”

As noted in the update, Bud claims it has achieved success in the UK, “achieving a leadership position in open banking with customers including HSBC, CreditKarma, and ANZ.”

One lender reportedly “saw an 84% increase in approvals and 43% reduction in time spent on manual reviews.”

Bud further claims that it is “well-positioned to replicate and expand upon this success in the US.”

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