Bud signs up GoCompare to offer in-app energy switching for banks

By Oliver Smith on 16th August 2019

Fintech

Switch provider without switching app.

Bud signs up GoCompare to offer in-app energy switching for banks
Image source: Edward Maslaveckas, CEO and Co-Founder of Bud.

Open Banking upstart Bud has clinched a deal with GoCompare, the price comparison website for insurance, utilities and broadband.

The agreement will see Bud add GoCompare’s roster of energy providers to its platform, allowing banks to easily add energy switching to their own apps.

“The advice we give to banks almost every day is that open banking, whilst a powerful tool for the industry, is meaningless to their customers unless it actually makes a difference to their lives,” said Edward Maslaveckas, CEO and Co-Founder of Bud.

“That’s the significance of deals like this.”

GoCompare’s comparison API will be connected to Bud’s API marketplace, letting customers use their banking data to quickly carry out a comparison between providers, then its Switching API will handle any changes that the customer might decide on.

The promise being that: “should a bank customer choose to switch provider they will then be able to do so without ever leaving the bank’s app.”

“Our proprietary tech platform SaveStack, in combination with Bud's intelligent financial services marketplace, creates a powerful product for banks and their customers,” said Hannah Iles, Director of Platform Services at GoCo Group, the parent company of GoCompare.

Bud raised $20m in funding at the start of 2019 from a collection of banks including HSBC, Goldman Sachs, ANZ, Investec’s INVC fund, and InnoCells.

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