The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
The London-based company's platform lets banks update their apps to give users access to financial services products from rivals. Banks can also categorize a customer's spending data using Bud's technology to help them find more cost-efficient products.
Its offering is part of an emerging theme in the world of fintech known as "open banking," which essentially means banks sharing their customer data with third-party providers to enable them to create new financial products.
Proponents of open banking say that it will increase competition in the industry and benefit consumers, giving them more choice over who they bank with.
Ed Maslaveckas, Bud's co-founder and chief executive, said in an interview that the sector has seen a "massive shift" from a focus on competitive rates and services to a digital-oriented customer experience and a "marketplace" banking model.
"The market dynamic is such that open banking is a much bigger change for banks than I think people realize," he told CNBC. "Open banking essentially allows the customer to get their banking data and make payments from any app or service of their choosing."
Bud's Series A funding round — an early-stage investment — also got backing from other big lenders including Australia's ANZ, South Africa's Investec and Spain's Banco Sabadell. Investec invested through its venture fund INVC while Banco Sabadell participated via its venture arm InnoCells.
Nineyards Capital — which counts former U.K. Finance Minister George Osborne as an advisor — and former Man Group Chief Executive Lord Fink also invested in Bud's Series A.
Part of the funding is subject to regulatory approval by the U.K.'s Financial Conduct Authority, Bud said.
Bud's boss said an underlying theme of the bank-led investment was partnering with large lenders to provide them with its technology.
"Not that much has been done to deliver these types of services to the millions of customers that use their banking apps day-to-day," Maslaveckas said.
"That's really what we are all are about and that's a testament to who we're working with… we really want to be the company that helps them deliver this new wave of fintech to their existing customers."
In 2017 the firm announced a partnership with HSBC aimed at providing the financial services giant's direct bank First Direct with its financial management tools.
Another significant element of the round is the geography of the investors involved. The company said it would look to expand its product to new markets over the next 12 months.
Maslaveckas said international expansion was "a big part of" the funding, but added his firm wouldn't be making any major global moves "until the end of this year."
Bud currently employs 62 people in its London office and says it plans on doubling that headcount following the fundraising.