HSBC inks global deal with Open Banking outfit Bud

HSBC inks global deal with Open Banking outfit Bud

HSBC has expanded its relationship with Bud, striking a global deal to access the startup's Open Banking aggregation, data intelligence and marketplace APIs.

The deal will see a phased rollout of Bud’s technology, initially within first direct, with HSBC’s UK bank set to follow suit later in 2020. The three year agreement also covers scope for rollout in other HSBC markets, and for access to Bud’s rent recognition and utility switching services.

Bud has worked with HSBC in the UK since February 2018 when it launched a proof-of-concept app called artha with first direct, which ran for a year in the FCA Sandbox and tested a number of features including financial management tools and third-party product marketplace functionality.

In February HSBC joined the likes of Goldman Sachs and ANZ in a $20 million funding round for Bud. However, in September, with HSBC its only confirmed contract, the startup laid off 20% of its workforce.

Speaking about the new deal, Josh Bottomley, global head, digital, retail banking and wealth management, HSBC, says: "By integrating Bud’s technology we will be able to make HSBC’s digital banking even more helpful for our customers.

"Its aggregation, marketplace and AI services will provide the intelligence to underpin a host of exciting new customer features that we will be exploring over the course of 2020 and beyond."

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