 | This article contains promotional content .(January 2022) |
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Financial |
| Founded | 1999 |
| Founder | Venkat Rangan |
| Headquarters | , |
Key people | Farouk Ferchichi (President) Stuart DePina (Former President) Anil Arora (Ex CEO) |
| Parent | Envestnet |
Yodlee is a web application software company that provides consumer-permissioned data aggregation, consolidating information from multiple accounts (credit cards, bank accounts, investments, etc.) by using open banking APIs.
Yodlee was started in 1999 by Venkat Rangan (vice chancellor of Amrita University), Sam Inala, Ramakrishna "Schwark" Satyavolu, Srihari Sampath Kumar (all formerly at Microsoft), and Sukhinder Singh (earlier at Amazon.com and Junglee). [1]
Yodlee started operations in Sunnyvale, California and then moved its headquarters to Redwood Shores, California. It also has offices in London, UK, and Bangalore, India. In 2000, Yodlee merged with its main competitor in the data aggregation space, an Atlanta-based company called VerticalOne, which was owned at the time by SecurityFirst, an internet banking firm. [2] [3]
In 2010, Yodlee partnered with Y Combinator, providing its financial services platforms to all Y Combinator–funded companies. [4]
By 2010, Yodlee was said to have raised at least $116 million over its 10-year lifespan. [5] In a press release in June 2008, it was announced that Bank of America led a $35 million financing round. Existing Yodlee investors, including its largest shareholder Warburg Pincus along with Accel Partners and Institutional Venture Partners, participated in the financing round. [6]
As of 2013, Yodlee had over 45 million users, and over 150 financial institutions and portals (including 5 of the top 10 U.S. banks) offer services powered by Yodlee. [7] [5]
On October 3, 2014, Yodlee went public on NASDAQ, trading under the symbol YDLE. It raised $75 million at $12 per share. [8] On August 10, 2015 Yodlee sold itself to Envestnet for a reported $660 Million. [9] As a result, it is no longer listed on the NASDAQ. In November 2017, Token partnered with Yodlee for payments and financial data aggregation. [10]
As of June 30, 2023, Envestnet | Yodlee had over 17 million data sources and 47 million users, and works with over 1,400 financial services and tech companies, including 18 of the top 20 U.S. banks.[ citation needed ]
Yodlee encountered a controversy in which lawmakers claim that they are selling consumers’ personal financial data without proper consent, calling on the Federal Trade Commission to investigate the matter. [11] In August 2020, a class-action lawsuit was filed against Envestnet and Yodlee. The plaintiff, Deborah Wesch, claimed that she and other consumers were put at risk because the companies failed to adequately protect their consumer data and put in place sufficient security protocols. [12] Yodlee and Envestnet claimed that the consumers consented to have their data accessed, and that the consumers didn't experience any tangible injuries from the sale of their anonymized data. [13]
Mint, also known as Intuit Mint and formerly known as Mint.com, was a personal financial management website and mobile app for the US and Canada produced by Intuit, Inc..
Money Dashboard is a free online personal financial management service in the United Kingdom. It provides users with the ability to view all of their online financial accounts in one place and categorises and analyses all of their transactions so they can understand how they use money. The app aims to help consumers make better financial decisions and budget for the future.
Numbrs Personal Finance AG is a financial technology company based in Switzerland. The company offers offline storage solution for bitcoins but used to provide an app called Numbrs that aggregates bank accounts and credit card information and facilitates mobile banking and personal financial planning used in Germany and the UK.
LendUp was an American online direct lender. It offered payday loans, installment loans, and credit cards to consumers with low credit scores using publicly available data to assess creditworthiness. The company referred to its customers as “the emerging middle class.” LendUp also issued credit cards in partnership with Tom Steyer's Beneficial State Bank.
BillGuard was a personal finance security and productivity company. Its mobile and website application scans credit card and debit card transactions, alerting users to possible scams, billing errors, fraudulent charges, and hidden fees.
Blockchain.com is a cryptocurrency financial services company. The company began as the first Bitcoin blockchain explorer in 2011 and later created a cryptocurrency wallet that accounted for 28% of bitcoin transactions between 2012 and 2020. It also operates a cryptocurrency exchange and provides institutional markets lending business and data, charts, and analytics.
Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California. The company provides an electronic trading platform accessible via mobile app that facilitates commission-free trades of stocks, exchange-traded funds and cryptocurrency, as well as cryptocurrency wallets, credit cards and other banking services. The company's revenue comes from transaction-based revenues, net interest income, and subscription fees. The company has 24.2 million funded customers, 11.8 million monthly active users, and $140 billion in assets under custody.
Fintech, a portmanteau of "financial technology", refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Fintech companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services.
SmartAsset is a financial technology company, founded in July 2012 by Michael Carvin and Phillip Camilleri and headquartered in New York, New York. The company publishes articles, guides, reviews, calculators and tools to help people make decisions about personal finance.
Revolut Group Holdings Ltd (Revolut) is a global neobank and financial technology company with headquarters in London, UK that offers banking services for retail customers and businesses. It was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers products including banking services, currency exchange, debit and credit cards, virtual cards, Apple Pay, interest-bearing "vaults", personal loans and BNPL, stock trading, crypto, commodities, human resources and other services.
Envestnet, Inc. is an American financial technology corporation which develops and distributes wealth management software and products to financial advisors and institutions. The company's main product is an advisory platform that integrates the services and software used by financial advisors in wealth management.
Monzo Bank Limited, trading as Monzo, is a British online bank based in London, England. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.
Plaid, Inc. is an American financial services company based in San Francisco, California. The company builds a data transfer network that powers fintech and digital finance products.
Thomas Benjamin Blomfield is a British entrepreneur and a Group Partner at Y Combinator.
Monday.com Ltd. is a cloud-based platform that allows users to create their own applications and project management software. The product was launched in 2014 and in July 2019, the company raised $150 million, based on a $1.9 billion valuation. The company went public in June 2021 and is based in Tel Aviv, Israel.
Paxos Trust Company is a New York–based financial institution and technology company specializing in blockchain. The company's product offerings include a cryptocurrency brokerage service, asset tokenization services, and settlement services. ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States.
Current is an American financial services and software development company (FinTech) based in New York City. It provides mobile banking services through its partner bank, Choice Financial Group.
OpenSea is an American non-fungible token (NFT) marketplace headquartered in New York City. The company was founded by Devin Finzer and Alex Atallah in 2017.
Jason Wilk is an American entrepreneur and the founder and CEO of Dave, a publicly traded financial services company on NASDAQ. He grew up in Los Angeles, California. Wilk created several small businesses before selling a video advertising network called AllScreen for $85 million in 2015. That gave him the money to start Dave, a digital banking upstart that works off of tips and subscription fees rather than overdraft fees. Over the years, Dave has grown to more than 10 million users and went public in January, 2022 at a valuation close to $4 billon.
Paystack is a Nigerian financial technology company that offers payment processing services to businesses and was acquired by Irish-American financial services company Stripe for $200M in 2020. Its headquarters is located in Lagos, Nigeria.