Bud expands into Europe
Bud Financial (Bud) is thrilled to announce the expansion of its AI platform for personalised banking into Europe, having secured an account information service (AIS) licence through the Bank of Lithuania.
This strategic move capitalises on the advantages of ‘passporting’, allowing Bud to operate regulated services throughout Europe, with a regional office and hub in Lithuania.
This landmark achievement marks a significant milestone for Bud, headquartered in the UK, as it extends the reach of its AI-driven customer data platform. The platform turns raw transactional data, either a bank’s own first party data or third party data via open banking, into rich customer insight. By obtaining this licence, Bud is poised to collaborate with a wider range of banks and fintechs throughout Europe, giving these institutions advanced tools for data aggregation and enrichment, hyper-personalised customer experiences, credit risk management and data analysis.
Bud’s proprietary technology has already transformed the way financial institutions in the UK, US and the APAC region engage with their customers. With the ability to analyse vast quantities of financial data, Bud delivers actionable insights that help banks and fintechs to streamline processes, drive personalisation and foster financial wellbeing. Now, with its move into European markets, Bud will continue to focus on its data services in the region, leveraging open banking as a framework for organisations to ingest customer data to feed their AI capabilities.
The endorsement from the Bank of Lithuania is a testament to Bud’s commitment to compliance, security and transformative solutions. As Bud embarks on this exciting journey, it remains dedicated to its mission of making financial decisions simple, enabled by data analysis expertise built up over nearly a decade and a relentless focus on user-centric solutions.
“We’re excited to bring our AI-powered personalised banking platform to Europe and work alongside some of the most dynamic players in the financial industry,” said Edward Maslaveckas, Co-Founder and CEO of Bud. “This licence is more than a regulatory milestone. It’s a chance for forward-thinking European banks and fintechs to work with Bud and make a real difference to their customer experience, and their bottom line, by making the most of otherwise underutilised customer data.”
Bud has already established a presence in Lithuania, with a regional CEO and Engineering Director, Tadas Miniotas, and a number of staff in engineering and risk functions. It expects to grow its European footprint with compliance, data analysis, engineering and commercial roles.