Bud
Financial, a London-based financial data intelligence platform, is set to
establish a European hub in Vilnius after receiving an Account Information
Service (AIS) Provider license from the Bank of Lithuania.
Bud Financial Expands
European Presence with New Lithuanian Hub
The newly
granted license enables Bud to collaborate with financial institutions across
the European Economic Area (EEA), opening up new market opportunities. Established
last year, the company’s Lithuanian office will focus on technical and risk
roles to support its growth in the region.
Founded in
2015, Bud has evolved from a consumer financial education platform to a B2B
data intelligence service provider. The company’s AI-powered service processes
over 50 billion transactions, offering insights that enable clients to
personalize customer experiences, enhance marketing strategies, and improve
credit risk management.
“This
license is more than a regulatory milestone,” Edward Maslaveckas, Co-Founder
and CEO of Bud, commented. “It’s a chance for forward-thinking European banks
and fintechs to work with Bud and make a real difference to their customer
experience, and their bottom line, by making the most of otherwise
underutilized customer data.”
Lithuania’s
selection as Bud’s European base was influenced by several factors, including
access to skilled technology professionals with financial experience, a robust
financial ecosystem, and a mature regulatory environment. This is confirmed by
the opinion of Elijus Čivilis, General Manager at Invest Lithuania, who
describes the country as a “mature fintech hub” and a “growing
hotspot” for AI technology development.
The
company, which currently employs around 100 people across the UK, US, and
Lithuania, plans to expand its Vilnius team in line with regulatory
requirements and commercial growth in the region. Bud has already hired
technical and compliance team members in Vilnius and intends to further
strengthen its presence with additional hires in compliance, data analysis, and
commercial functions.
“Our
platform leverages AI, machine learning, and natural language processing
technologies for in-depth analytics,” commented Tadas Miniotas, Engineering
Director and Bud Lithuania CEO. “With over 50 billion transactions processed,
our intelligence helps clients hyper-personalise their customer experience,
create impactful marketing to win greater share of wallet, and manage credit
risk more effectively.”
In the past, Bud successfully secured funding from many prominent giants in the financial market. In 2019, it successfully completed a Series A funding round worth $20 million, which included participants such as HSBC, Goldman Sachs, and ANZ.
This article was written by Damian Chmiel at www.financemagnates.com.
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