Open Banking software provider Bud makes cuts to marketing team

By Oliver Smith on 18th September 2019

Fintech

Hiring continues in sales, engineering and Bud’s tech team.

Open Banking software provider Bud makes cuts to marketing team
Image source: Ed Maslaveckas, Bud CEO.

Bud, the financial technology startup which licenses its technology to banks including HSBC, has shed around 20 staff from its marketing team.

The move, first reported by The Telegraph, was described by Bud as a “refocusing” as the company increases its hiring in other areas like sales and engineering.

“We’re adapting our strategy to focus 100% on delivering value to business customers and that means we need some people with a different skillset to deliver it,” said CEO Ed Maslaveckas.

Earlier this year Bud raised $20m in funding from a collection of banks including HSBC, Goldman Sachs, ANZ, Investec’s INVC fund, and InnoCells.

The company told AltFi that the staff changes are “primarily in the support functions of the business designed to ensure we can focus on the task at hand.”

Last month Bud added GoCompare’s roster of energy providers to its platform, allowing its banking clients to easily add energy switching to their own apps.

The company says its API marketplace will let 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.

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