Budget Insight, the leading aggregator of banking and financial data in France and a pioneer of Open Finance1 in Europe, is pleased to announce $35m (€31m) in funding from PSG Equity (“PSG”), a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth and build scale across Europe and the US. PSG will be a shareholder alongside the management team and Crédit Mutuel Arkéa. Crédit Mutuel Arkéa invested in Budget Insight in 2019 due to Budget Insight’s strong growth potential and the natural synergies arising from the combination of the two players. The investment helped Budget Insight cement its technological edge and pave the way for its new stage of expansion on a European scale. Going forward, Crédit Mutuel Arkéa will continue to partner with Budget Insight to help drive innovation in the financial services industry.
The Budget Insight API2 enables clients (banks, fintech firms, lenders, asset managers and software companies) and their end users to aggregate financial data and documents, and initiate payments. Thanks to its powerful technologies, its ability to offer a seamless user experience, and its expertise in European regulatory requirements, Budget Insight aims to give its clients the tools needed to unlock more value for users of financial services. Its solutions cover a wide array of services ranging from asset management and credit to corporate cash management, loyalty, and payments. This new partnership strives to allow Budget Insight to develop new products and significantly expand its European reach, thereby cementing its position amongst the leaders of Open Finance, an industry which is currently consolidating around a handful of big players. To support this phase of acceleration, Budget Insight plans to significantly increase its workforce by 2025. The company has already announced 50 positions to be filled in 2022, to grow its tech, product, and sales teams.