Open banking aggregator start-up Bud is now refocusing its efforts on industries beyond finance, City A.M reports.
The fintech closed $20 million in an investment round earlier this year led by the likes of HSBC and Goldman Sachs. But after axing 20% of its staff last month and undergoing a complete business restructure geared towards sales and product development, Bud has decided it will tap into retailers, utility providers and insurance companies among others as well as serving banks.
“It’s a bigger opportunity than just big global banks, retailers need to start using what fintechs have access to,” says its CEO Ed Maslaveckas. “It’s a new opportunity for growth, and we’d be remiss if we had those opportunities in front of us and we didn’t take advantage of them.”