Budget Insight, the Paris-based FinTech, announced it has received $35 million (€31 million) in funding Monday (April 4).
The company said the cash will be used to grow its ability to deliver open finance in France and hire 50 employees.
Funding was led by PSG Equity, the investment firm that focuses on software and technology-enabled service companies.
The Boston-based company will be a shareholder along with Crédit Mutuel Arkéa, the cooperative and collaborative French banking group. The collaborative invested in the banking and financial data aggregator in 2019 due to what it called Budget Insight’s strong growth potential and the natural synergies arising from the combination of the two players.
“Our past and future accomplishments are based on our technological prowess and our ability to offer one of the best Open Finance technologies on the market,” said Romain Bignon, Budget Insight’s co-founder, in a statement. “And for that, we know we can count on our amazing, fast-growing team.”
Founded in 2012, Budget Insight said it is has established itself in the open finance sector. The company provides solutions for an ecosystem of more than 200 businesses and institutions, French banks, insurers, and asset managers.
The Budget Insight software allows banks, FinTechs, asset managers, software companies and end users to aggregate financial data and documents and initiate payments.
Last month, PYMNTS reported FinTech Scotland, a market-led initiative, presented a 10-year roadmap to accelerate the adoption of FinTech excellence in the country.
Read more: From Open Banking to Open Finance: The Scottish Roadmap
The report, supported by the industry, academia and regulators, designed a plan for how the industry and regulators should collaborate to achieve the goals established in this report in the next decade.
The four priorities are open finance, climate change, payments and financial regulation.
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