Yodlee

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Envestnet Yodlee
Company typeSubsidiary
IndustryFinancial
Founded1999; 25 years ago (1999)
FounderVenkat Rangan
Headquarters
Redwood City, California
,
United States
Key people
Stuart DePina
(Current CEO)
Anil Arora
(Ex CEO)
ParentEnvestnet

Yodlee is an American software company that develops an account aggregation service that allows users to see their credit card, bank, investment, email, travel reward accounts, etc. on one screen. Money by Envestnet Yodlee (formerly Yodlee Labs and Yodlee MoneyCenter), a web application that helps consumers with their finances online, provides services such as bill payment, expense tracking, and investment management (similar to personal finance services provided by Intuit's Quicken). Yodlee's Privacy Policy FAQ references Yodlee as a licensee of the TRUSTe Privacy Program.[1] Part of Yodlee's business model consists of selling its customers' financial transaction data to investors.[2]

Yodlee's aggregation engine powers several applications for partners, including websites like Money Dashboard, MoneyStrand, Thrive, and several large banks and financial institutions.

Origins and history

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).[3]

Yodlee started operations (and is headquartered) in 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.[4][5]

In 2010, Yodlee partnered with Y Combinator, providing its financial services platforms to all Y Combinator-funded companies.[6]

By 2010, Yodlee was said to have raised at least $116 million over its 10-year lifespan.[7] 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.[8]

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.[9][7]

On October 3, 2014, Yodlee went public on NASDAQ, trading under the symbol YDLE. It raised $75 million at $12/share.[10] On August 10, 2015 Yodlee sold itself to Envestnet for a reported $660 Million.[11] As a result, it is no longer listed on the NASDAQ. In November 2017, Token partnered with Yodlee for payments and financial data aggregation.[12]

In August 2015, Envestnet acquired Yodlee.

Lawsuit

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.[13] In August of 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. [14] 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. [15]

See also

References

  1. ^ "Yodlee Privacy FAQ" (Press release).
  2. ^ Hope, Bradley (2015-08-06). "Provider of Personal Finance Tools Tracks Bank Cards, Sells Data to Investors". Wall Street Journal. Retrieved 2017-05-22.
  3. ^ "Yodleeing Their Way to the Top" (Press release).
  4. ^ "S1 Corporation Completes Acquisition of VerticalOne Corporation". PR Newswire. November 11, 1999. Retrieved 25 March 2017.
  5. ^ "Company Overview of VerticalOne Corporation". bloomberg.com. Bloomberg L.P. Retrieved 25 March 2017.
  6. ^ Rao, Leena (2010-11-30). "Y Combinator and Yodlee Team-up To Give Startups Access To Financial Data". TechCrunch.
  7. ^ a b Arrington, Michael (2009-09-18). "Mint Is Yodlee's YouTube". TechCrunch.
  8. ^ "Yodlee raises $35m funding".
  9. ^ Empson, Rip (2011-07-06). "With Top Banks In Tow, Financial Service Provider Yodlee Hits 30 Million Users". TechCrunch.
  10. ^ de la Merced, Michael J. (2014-10-02). "Yodlee, a Hub for Financial Apps, Raises $75 Million in I.P.O." DealBook. The New York Times. Retrieved 2019-09-28.
  11. ^ de la Merced, Michael J. (2015-08-10). "Yodlee, a Hub for Financial Apps, Sells Itself to Envestnet". The New York Times. ISSN 0362-4331. Retrieved 2019-09-28.
  12. ^ Peyton, Antony (2017-11-13). "Token and Envestnet | Yodlee team up for open banking". FinTech Futures. Retrieved 2017-11-14.
  13. ^ Tracy, Ryan (2020-01-17). "Lawmakers Call for Investigation of Fintech Firm Yodlee's Data Selling". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-08-16.
  14. ^ Berman, Jeff. "Envestnet, Yodlee Sued Over Consumer Data Collection". ThinkAdvisor. Retrieved 2022-07-12.
  15. ^ "Envestnet, Yodlee Say Consumers OK'd Access To Bank Data - Law360". www.law360.com. Retrieved 2022-07-12.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Yodlee&oldid=1122452052"