French open banking firm Budget Insight lands $35m to drive expansion
French financial data aggregator Budget Insight has received $35 million (€31m) from growth equity firm PSG Equity as it looks to cement its position in the open finance sector in France and Europe.
The fintech says it wants to gain an edge in a sector that is rapidly coalescing around a handful of large industry players. It aims to do this through international expansion, investing in its workforce and product offerings and scaling across Europe and the US.
The new funds will be spent on developing new products and significantly increasing its staff headcount by 2025, with 50 positions in its tech, product and sales teams already earmarked this year.
Budget Insight CEO Bertrand Jeannet says the company’s vision is “crystal clear: to become a European champion in open finance”.
Founded in 2012, Budget Insight provides a range of solutions covering asset management, credit products and corporate cash management, including an API that enables banks, fintechs and lenders to aggregate financial data and documents and initiate payments.
PSG will become a shareholder alongside Crédit Mutuel Arkéa (which made a similar investment in 2019) and Budget Insight’s management team. Budget Insight is PSG’s sixth investment in France and its sixteenth investment in Europe.
The transaction is subject to the authorisation of France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR).