INVC Fund has today announced that it has continued to support portfolio company Bud in its $20m Series A funding round, one of the largest Series A rounds in European fintech in the last year.
INVC Fund is a venture fund backed by Investec, investing in fintech and enterprise technology companies. Today’s funding round marks the second time that INVC has backed Bud, having led the company’s seed round in September 2017. Other investments held by the fund include Monese and Curve.
New investors in the Series A round include HSBC; Goldman Sachs; ANZ; Lord Fink, the former chief executive of hedge fund Man Group and 9Yards Capital, the VC firm to which George Osborne is an advisor. Innocells, another existing investor alongside INVC, also participated.
Bud’s platform, which combines Open Banking data, machine learning and a connected marketplace, is used by banks to create a new generation of apps and services, allowing customers to manage all of their financial products within their main banking app.
Bud will use the new funding to support the expansion of the Bud team, moving to create the largest team dedicated to Open Banking in the world, and help extend the company’s coverage into new markets, enabling the company to deliver on its mission to make money simpler and give people more control over their lives.
Ed Maslaveckas. Co-founder and CEO of Bud, commented:
“The investment proves that banks are looking seriously at how Open Banking can evolve beyond what regulation requires into something that genuinely puts customers first. It’s just the beginning of a larger change for the finance industry but it’s a significant step forward in helping people gain more control over their lives. The commitment of these investors indicates that they appreciate this and that they view a collaborative approach as the best way of delivering on it. INVC were an early backer of this mission and we’re delighted that they are continuing to support Bud on its journey.”
Devin Kohli, co-head of INVC, commented:
“Since leading Bud’s initial round last year, we've developed an ever-closer relationship with the Bud team who have consistently impressed us with their technological progress, the culture they've built, growth pipeline and their ability to position themselves as the go-to resource for Open Banking tech. We're looking forward to strengthening the relationship and pleased to support the next phase of their growth.”
For more information, please contact:
Luke O’Mahony, Investec (Public Relations) - 020 7597 5261
INVC LLP (‘INVC’) is a venture capital fund investing in UK Fintech and Enterprise Tech. INVC is cornerstoned by Investec Bank plc. INVC LLP whose registered office is at 30 Gresham Street, London EC2V 7QP is registered in England (OC415059). INVC LLP is a small registered UK AIFM as authorised and regulated by the Financial Conduct Authority reference no. 798110.
Investec Bank plc whose registered office is at 30 Gresham Street, London EC2V 7QP is authorised in England by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority reference no. 172330.
This press release is issued on behalf of Investec Bank plc. Registered address: 30 Gresham Street, London, EC2V 7QP. (Reg No. 489604). Investec Corporate and Investment Banking is a brand name of Investec Bank plc, which is a member of the London Stock Exchange.