London-based start-up Bud had an embarrassment of riches last week when it announced a $20m fundraising round supported by no fewer than five of the world’s biggest banks. HSBC, Goldman Sachs, Banco Sabadell, Investec and ANZ.
Bud co-founder Ed Maslaveckas said that for “all the banks that are investing - it’s a financial investment yes, but there’s also a commercial alignment”. Bud has been working with HSBC since 2017 and is hoping to work on more projects with its new investors. “They’re asking what kind of service will banks need to offer to remain relevant? That’s a big mindset shift for some of these very traditional institutions - thinking ‘we need to get into a services business rather than just a product business’,” Mr Maslaveckas added.