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Home / Business / Goldman Sachs invests in HSBC-backed fintech app Bud

Goldman Sachs invests in HSBC-backed fintech app Bud



Goldman Sachs is among the investors in a US $ 20 million fundraising for financial technology firm Bud, the two companies said on Monday, the latest in a series of investments by big global banks seeking to partner with fintechs. 19659003] FILE PHOTO: Goldman Sachs ticker symbol and logo is displayed on the floor at t “/>

FILE PHOTO: Goldman Sachs ticker symbol and logo is displayed on the screen of the New York Stock Exchange (NYSE) in New York, US, December 1

8, 2018. REUTERS / Brendan McDermid / File Photo

LONDON: Goldman Sachs is among the investors in a US $ 20 million fundraising for financial technology firm Bud, the two companies said on Monday, the latest in a series of investments by big global banks seeking to partner with fintechs.

Bud, which is already backed by HSBC, is one of a number of upstart is taking advantage of Britain's new Open Banking rules to try and help users manage their finances better by combining data from multiple banks and service providers

Recognizing the threat posed by nimbler fintechs, big banks are investing in such companies in an effort to pair their respective strengths

Fintech companies such as Bud have moved quickly to try to capitalize on the new rules designed to promote competition and make it easier for users to see all their financial products in one place. But traditional banks have many more customers

Other investors in the latest round of fundraising by Australia include Australia, South Africa's Investec and Spain's Banco Sabadell

Bud said it would use the US $ 20 million investment to help to

(Reporting by Lawrence White. Editing by Jane Merriman)


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