Personal finance

This app will make you richer, smarter and better with money

By Oliver Smith 15 July 2016
Bud’s CEO and co-founder, Edward Maslaveckas.

Sort out your cash, and get rich quick with Bud.

Everyone knows they could be better with money. But banks don’t exactly make that easy.

Today services like Mondo, TransferWise, Property Partner and Crowdcube, are all hiding the amazing things they’re doing behind confusing terms like “peer-to-peer transfers” and “equity crowdfunding”.

In the future this is only going to get worse as even more companies pop up to improve your financial life.

Most people right now are being left behind by this revolution.

They’re not sending money abroad in the most cost-effective way, their savings are probably sitting in whichever spare low-interest bank account they have, and just forget about “diversified investments”.

This is a big problem, and it’s only going to get worse, because right now there’s no good way to keep track of our complicated financial lives.

“Ok, so with online banking you can view a balance and maybe you can make a transaction, but you can’t make a new investment,” Bud’s CEO and co-founder Edward Maslaveckas told The Memo.

“I know I want interesting financial products, how can you help me find them without me knowing all the jargon?”

But what if there was one app where you could see all of your money. Not just current accounts and saving accounts, but crowdfunding and investments, in one place. And what if you could be introduced to new smarter ways to manage your money at the same time.

Travelling abroad? Here’s the best way to get Euros. Saving for a house? These are the safest ways to invest for the future and make you richer.

That’s the idea behind Bud.

Meet Bud

Maslaveckas saw an explosion in financial technology taking place while working at Salesforce, but he also saw problems cropping up.

“As someone who spent four or five hours a day looking at the space, trying to understand what companies did, it was still really complex, really difficult, really challenging for me to get my head around.”

His answer was Bud, a “universal banking app” which connects bank accounts, credit cards and financial apps like Crowdcube, TransferWise and Mondo in one place.

Read more: Meet Mondo, the app that’s got the banks worried

The idea is that from this dashboard you’ll be able to quickly see what’s going on, discover and signup to new services like TransferWise, and move your money between them.

Macbook Pro Retina 15inch. Photo: Josh Valcarcel

At the moment Bud is still in early testing, but Maslaveckas and his team have already connected it with 11 services, including some bank accounts like Mondo as well as Crowdcube and others, with the goal of connecting to 30 by the end of the summer.

In a demo at The Memo, Maslaveckas also showed how Bud is building a discovery process to match you up with interesting financial products you might not know about.

“It’s about telling us what products might be more relevant to you, so if you’re super adventurous for example, you might consider a cryptocurrency.”

If you’re less adventurous, maybe just a bog-standard saving account or ISA.

In the next few months Bud will be launching a public beta, with the hope of arriving on the app store next year.

So fear not, soon you might be richer, smarter and better with money.

Bud is launching in public beta later this year.