TransUnion Invests Strategically In An Open Banking Provider Bud

The credit reference agency didn’t say how much it invested or how much it made.

US credit bureau TransUnion has agreed to back London-based open banking provider Bud by making a “strategic investment” in the business.

The amount of the investment was not made public, but it comes less than a year after Bud raised $80 million from TDR Capital to expand internationally.

“TransUnion is committed to increasing financial inclusion by continuing to expand the information available to create an accurate and reliable picture of each consumer,” said Satrajit “Satty” Saha, TransUnion’s UK CEO.

Saha said that the investment would help TransUnion grow its open banking service and “develop together the next generation of credit, affordability, and fraud solutions.”

“This strategic investment marks the start of an exciting new partnership with Bud, combining our global infrastructure and insights expertise with Bud’s end-to-end Open Banking platform.”

Bud has gotten backing from a number of big names in finance over the years, including the Australian banking group ANZ, the Spanish bank Banco Sabadell, the US investment bank Goldman Sachs, and the British bank HSBC.

Edward Maslaveckas, CEO and co-founder of Bud, said this about the company’s new backer: “By partnering with TransUnion, we’re  combine advanced data intelligence capabilities with TransUnion’s expertise in financial services.”

“This will drive improved return on investment for all of our customers, by connecting more people, through the banks they trust, to financial products that make their lives better.”