Partnership revealed to drive innovation and growth in Open Banking
TransUnion, a Leeds-based global insights and information company, has made a strategic investment in Bud Financial Limited (Bud), a leader in Open Banking and data intelligence.
The partnership is designed to promote innovation and growth in the personal finance market and support better outcomes for consumers, with greater financial inclusion.
Satrajit “Satty” Saha, CEO of TransUnion in the UK, said: “TransUnion is committed to increasing financial inclusion by continuing to expand the information available to create an accurate and reliable picture of each consumer.
“This strategic investment marks the start of an exciting new partnership with Bud, combining our global infrastructure and insights expertise with Bud’s end-to-end Open Banking platform.
“This will allow us to grow our Open Banking offering and jointly develop the next generation of credit, affordability and fraud solutions.”
Headquartered in London, Bud helps its clients to turn complicated financial data into services that accelerate growth.
Clients use Bud’s platform to enhance their customer onboarding experience and personal financial management services, in order to boost engagement and increase loyalty.
Edward Maslaveckas, CEO of Bud, said: “We exist to make financial decisions simple by turning transactional data into rich customer insight.
“By partnering with TransUnion, we’re able to combine advanced data intelligence capability with TransUnion’s expertise in financial services.
“This will drive improved return on investment for all of our customers, by connecting more people, through the banks they trust, to financial products that make their lives better.”
To help maximise the partnership, Saha will join the Bud board of directors and work with the Bud executive team to support future growth objectives.
Todd Skinner, TransUnion’s international president, added: “As Bud expands its global presence, we see strong opportunities for harnessing our synergies to deploy innovative solutions that can be transferred to other TransUnion markets.
“We look forward to deepening and evolving this partnership, with Satty as part of the Bud leadership team, to support businesses and consumers, both in the UK and beyond.”
Squire Patton Boggs advised TransUnion on the deal. Its team included corporate partner Jonathan Ross and associates Harry Hobson and Matthew Vautrey.