Large banks are anxious to onboard fintech products that address their customer needs with the most current technology. On the flip side, nimble fintechs are eager to be onboarded to ensure their product’s longevity. But the actual onboarding process is grueling—taking anywhere from 9 to 12 months or longer, start to finish.
It’s a tedious process of networking, banks doing their due diligence, and working within the red tape of bank bureaucracy.
But one UK startup wants to slash that onboarding process down to just a matter of weeks. Bud, a startup founded in 2015 as a web and mobile app that makes a wide gamut of fintech services accessible in a single interface, is now partnering with larger banks to make that gruelling onboarding process as simple as onboarding them to Bud’s comprehensive platform.
“What we do is take out all of the legwork,” Jamie Campbell, Bud’s Head of Awareness, said.
And they’re not the only ones who believe they can pull it off. Today, the London-based startup announced backing from Investec and Banco Sabadell to the tune of £1.5 million. Campbell said Bud has over 50 fintech companies plugged into their platform via APIs.
“We’re seamlessly linking these experiences all in one place, and on the other side of the model we have big banks who distribute this experience to their customers,” Campbell said. To be considered for inclusion on the platform, fintechs must be regulated by the FAC in Europe.
Since Bud began selling their services to Banks in March, Campbell said they have signed on three big banks. Just last week, Bud announced a partnership with HSBC in Europe. Ultimately, customers will be able to use any financial service through their bank’s app, irrespective of brand.
“So if you bank with HSBC and you want to use TransferWise to do your money remittance or you want to use Nutmeg to do your investments,” Campbell explained, “You can do that within your HSBC app—that’s the experience we’re creating.”
Next, Bud is looking to expand to the United States. Campbell said the key challenge will be identifying and connecting with fintechs stateside that banks would be most interested in working with.
“The [overall] experience is something I think a lot of people have been talking about for a while, but no one had a sound strategy of how to pull it off,” Cambell said.
Cadence is a fintech reporter and writer at Fintech Unltd, where she covers the changing landscape of financial technologies. Previously, Cadence interned at Psychology Today, Business Insider and the Wisconsin State Journal. Cadence is interested in how science and technology intersect with power and culture and is curious about the world we are creating for tomorrow, consciously or not. She graduated from the University of Wisconsin–Madison in 2017 with degrees in Journalism and Chinese. Send tips and story ideas to Cadence at [email protected] You can also follow her on Twitter @cadencebambenek.