Largest conglomerates liked online banking service
Financial and technological startup Bud from the UK has recently reported raising $ 20 million in the A series financial round. HSBC and Goldman Sachs were the main investors in the project.
HSBC Holdings is the largest bank in the United Kingdom by market capitalization and asset size. According to Forbes, the conglomerate ranks 17th in the ranking of the world’s richest companies. HSBC is ranked 52nd among the most expensive in the world.
Goldman Sachs Group, in turn, is one of the largest investment banks in the world. In a narrow circle of financiers, the institution is called simply and respectfully: “The Firm”. Investment banking and securities trading are among the areas of activity of the conglomerate.
Let us try to figure out why the new startup was interested in conservative British and American financial holdings.
Online banking service: simple solutions for global markets
The company’s founder, Bud Edward Maslaveckas, said that he faced the first inconvenience in the functioning of traditional banks in the spring of 2015. At that time, he worked in Ireland and was paid to the local bank account. Naturally, Edward had to use the services of his English financial institution. When the future founder of the startup wanted to transfer money between accounts, he had to use the British money transfer service TransferWise. Three different applications, with three different passwords and interface features were used.
The presence of a number of logins and passwords did not confuse Maslavetskas, but he understood that financial management was difficult and fines could be harsh. It was about the situation when Edward forgot to pay taxes and repay the loan from the bank account rarely used.
Therefore, there was an idea to bring all services into a single structure. Therefore, Bud appeared – a flexible solution for British and American users.
In 2016, the application combining the services of different companies appeared. All of this has grown into the technology platform with the ability to track all financial service providers.
Australian bank ANZ, funds of Investec InvC, InnoCells and many others have already invested in Maslavetskas. Most financiers state that Bud does not try to compete with traditional banks, but, on the contrary, facilitates the use of their services. At the same time, the startup offers the innovative financial and technical “lining” that allows to transfer money from one account to another without losses and unnecessary commissions in fact.