After receiving the Account Information Service (AIS) Provider license, the financial data intelligence platform Bud Financial (Bud) is expanding its team in Lithuania.
Established in Vilnius last year, Bud’s Lithuanian office will become one of the company’s hubs for technical and risk roles, powering its growth in the region and across Europe.
Last week, the Bank of Lithuania granted Bud Financial an AIS Provider licence, which will allow the company to work with financial institutions in Lithuania and other countries of the European Economic Area (EEA), opening up new markets for the company.
“We’re excited to bring our AI-powered personalised banking platform to Europe and work alongside some of the most dynamic players in the financial industry," said Edward Maslaveckas, Co-Founder and CEO of Bud. "This licence is more than a regulatory milestone. 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 underutilised customer data.”
London-headquartered Bud was founded in 2015 as a financial education platform for consumers. Quickly pivoting to B2B data intelligence services, today Bud is an AI-powered platform used by global banks and fintechs to turn transactional data into rich customer insight.
“Our platform leverages AI, machine learning, and natural language processing technologies for in-depth analytics,” says 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.”
Looking to grow in Europe, Bud was searching for a base with a mature regulatory landscape and access to technology-related talent with financial experience. Lithuania fit the bill.
“Access to engineering talent, a buoyant financial ecosystem, and a mature regulator all factored into the decision-making process,” Miniotas explains.
Today, Bud has around one hundred employees across the UK, US, and Lithuania. The company anticipates growing in Vilnius, in line with regulatory requirements and commercial traction in the region. Bud has already hired technical and compliance team members in Vilnius and will boost its footprint in the region further with additional compliance talent, as well as hires in data analysis and commercial functions.
“Lithuania is not only a mature fintech hub, but also a growing hotspot for the development of AI-powered solutions. As a trailblazer of applying cutting-edge technologies in banking and financial services, Bud will fit right into the country’s dynamic tech landscape,” says Elijus Čivilis, General Manager at Invest Lithuania.