InnoCells, Banco Sabadell's digital business hub, is leading a round in Bud, the UK's leading platform for integrating financial solutions and products into a single marketplace, through its investment vehicle InnoCapital.
About InnoCapital
InnoCapital is the first corporate venture vehicle of InnoCellsthe digital business hub of Banco Sabadell. The Catalan bank announced in April this year the creation of this programme for creating technology companies from scratch (business building), with a presence in three of Sabadell's main markets: Spain, the United Kingdom and Mexico.
Sabadell Innovation Cells S.L., the name under which the bank registered the subsidiary through which it will manage this programme, also aims to create a global talent community that connects the innovation ecosystems in which it is already present. In 2013 Sabadell created Bstartup, an investment vehicle for early-stage (seed) start-ups, which was joined in 2016 by Sabadell Venture Capital, focused on A or B investment rounds (between €200,000 and €500,000, with a €1M cap for advanced projects).
Innocells aims to fill the gap not covered by its other two startup hubs. The target areas of interest are data management, innovation in payment platforms, new financing systems, digital identity and security solutions, and personalisation of services.
InnoCapital invests in fintech startup Bud
InnoCells, through its corporate venture vehicle InnoCapital, has co-led its first round of financing in Budthe UK's leading platform for integrating financial products and solutions into a single marketplace.
The fintech startup has raised £1.5M (€1.6M) in seed capital from a number of investors. The investment round has been co-led by InnoCells and Investeca UK fund manager specialising in investment products for institutional and individual investors.
Bud enables financial institutions to innovate at high speed and improve the customer experience by linking UK retail banks with more than 60 financial services companies with which it collaborates. This British fintech was born as a B2C (business to consumer) solution that aims to concentrate different financial products in a single marketplace and sell them directly to the customer, personalised and tailored to their needs. Due to the high demand for its service, Bud has decided to transform its business model towards the current B2B (business to business).
Bud is a fintech regulated by the Financial Conduct Authority (FCA) and has received several awards since its launch in 2015, including this year's British Bank Awards Innovation of the Year.
Banco Sabadell investment rounds in 2017
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