First Direct, a telephonic and internet-based retail bank in the UK, & FinTech startup Bud have entered a partnership agreement to deliver a new range of third-party services and products through First Direct’s mobile banking app.
The team at First Direct will work together with Bud officials to integrate some of the ARTHA app services that users find most useful, such as aiding first-time buyers, reducing fixed monthly costs, and increasing financial wellbeing, into the new mobile banking app.
The news follows Bud’s Series A funding round participated by HSBC, Goldman Sachs, ANZ and Investec, raising $20 million. According to Joe Gordon, head of First Direct, aiding the customers with financial data will remind them of their present financial standing, to help them decide where they want to be. With the new app, customers can figure out the right mix of products and services which will help them get there.
First Direct’s mobile banking app’s new features are all set for a phase-I launch around the year-end. The company will be discontinuing the Artha app from Mar. 15th 2019.
According to Ed Maslaveckas, co-founder and CEO of Bud, both entities aim at simplifying money for people and, in this quest for simplification, they aim to hand them back the reigns of their lives, giving them more control. The company now has the tech to enable this and support of the rightminded people like First Direct, who share the same vision.