Paris-based aggregator of banking and financial data and open finance platform Budget Insight has raised $35 million funding from growth equity firm PSG Equity to accelerate growth and build scale across Europe and the U.S. PSG will be a shareholder alongside the management team and Crédit Mutuel Arkéa.
Founded in 2012, the platform provides tech solutions for an ecosystem of more than 200 businesses and institutions, including some of the largest French banks, insurers, and asset managers, along with several other leading names in fintech. Its API enables banks, fintech firms, lenders, asset managers and software companies and their end-users to aggregate financial data and documents, and initiate payments.
The new partnership will allow the startup to develop new products and significantly expand its European reach. The company has already announced 50 positions to be filled in 2022, to grow its tech, product and sales teams.
Romain Bignon, founder, Budget Insight said: “Our past and future accomplishments are based on our technological prowess and our ability to offer open finance technologies in the market.”
Bertrand Jeannet, CEO, Budget Insight added: “Equipped with our B2B model, technology and deep sectorial expertise that goes beyond open banking, we want to become a European champion in open finance.”
Romain Railhac, managing director, PSG said: “Budget Insight is strategically positioned in a financial services market that is undergoing profound transformation with the development of open finance. We firmly believe that the market in Europe will consolidate around a limited number of key players.”