The UK fintech firm Bud has signed a deal with Farpoint Labs, creators of the Winston personal finance app.
It will help Winston’s users save for a first home by connecting their bank accounts through Open Banking and sharing rent payment data with Credit Reference agencies using Bud’s technology.
The deal is the first that Bud has signed with a new startup since announcing plans earlier in the year to re-purpose elements of its enterprise platform and make them accessible to smaller, more agile businesses.
Ed Maslaveckas, Bud’s CEO added:
“Open Banking has so much potential, but before we can realise that, the industry needs to get a clear understanding of how people think about value exchange. That’s what Alexander and the team at Farpoint appreciate. They’re clear that customers aren’t going to be wowed by aggregation on its own and that people will need more tangible benefits before Open Banking can really embed with the mainstream.”
“Having built our platform alongside some of the largest banks in the world, we made the call last year to make our technology available to younger businesses because we wanted to see how quickly they would use it to innovate, and how quickly that innovation can be brought to customers. Farpoint have fantastic vision and are setup well to execute on this. There’s a lot we can learn from working with them over the coming months and we’ll feed that back into making our platform even better in the future.”
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Alexander Cannon, CEO of Farpoint Labs added
“Farpoint Labs was founded by a team of engineers that left the banking industry to help people. They had witnessed first-hand how little the industry does to help people save for a deposit or get the best mortgage for their particular circumstances. Our vision is clear, we believe everyone deserves a home.
“Bud was a natural partner for us, from the tech to support, they have enabled us to easily access Open Banking as well as support and functionality that is essential to our value proposition. We’re looking forward to continued cooperation for years to come.”
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