Bud Financial Expands Team in Lithuania After Securing Local AIS Provider Licence

Financial data intelligence platform Bud Financial is expanding its Lithuania-based team, shortly after receiving its Account Information Service (AIS) Provider licence from the Bank of Lithuania

Established in Vilnius last year, Bud’s Lithuania-based office will become one of the company’s hubs for technical and risk roles, powering its growth in the region and across Europe.

The AIS Provider licence, granted to Bud last week, will enable it 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,” explained 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.”

Tadas Miniotas, CEO of Bud Lithuania

“Our platform leverages AI, machine learning, and natural language processing technologies for in-depth analytics,” added Tadas Miniotas, CEO of Bud Lithuania. “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.”

Originally founded in 2015 as a financial education platform for consumers, London-headquartered Bud quickly pivoted 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.

Destination: Lithuania

Bud eventually decided to establish operations in Lithuania, after searching for a base with a mature regulatory landscape and a strong track record for local talent. According to Miniotas, access to engineering talent and a mature regulator were key factors that set Lithuania apart.

Now, Bud boasts 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 in 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.

The post Bud Financial Expands Team in Lithuania After Securing Local AIS Provider Licence appeared first on The Fintech Times.

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