UK-based fintech Bud has partnered with Swedish company Minna Technologies to offer banking clients access to subscription management tools via Bud’s Open Banking platform.
Bud said that the combined service will make use of its data intelligence capabilities to identify spending on subscription products, such as Netflix and Spotify, enabling users to manage those subscriptions, including cancellations, from inside their primary bank apps.
“We designed the platform to act as that intelligent system that can use transaction data to unlock valuable insights and highlight the next best step for customers to take, said Bud CEO Ed Maslaveckas.
“The team at Minna shares our vision. Their subscription cancellation service, coupled with Bud’s other capabilities, like spending insights and smart nudges, means banks and other FIs can access the largest array of capabilities to power their next-generation mobile banking app from a single supplier.”
Joakim Sjöblom, CEO of Minna Technologies, added: “Our partnership with Bud illustrates our continued drive toward collaboration with the market as we continue on our mission to help retail banks deliver powerful digital experiences within subscription management.
“Together with Bud, we can enrich banks’ toolset by helping them to reduce operational cost while also providing their end-customers with a digital-first experience, ultimately supporting better consumer financial health within the subscription economy.”
In June, Bud announced a partnership with Enfuce, a Nordic payments firm, to bring its ‘My Carbon Action’ product to the UK.
The deal meant that Bud’s Open Banking and transaction enrichment services were combined with Enfuce’s carbon tracking engine to allow UK customers to understand how their spending and consumption impacts their carbon footprint.