Yodlee
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. In addition, Yodlee Labs (formerly Yodlee MoneyCenter), a free web application that helps consumers their finances online, provides features 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]
As of 2013, Yodlee has 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.[2][3] Yodlee's aggregation engine powers several applications for partners, including websites like Money Dashboard, MoneyStrand, Thrive, and several large banks and financial institutions. In 2010, Yodlee partnered with Y Combinator, providing its financial services platforms to all Y Combinator-funded companies.[4]
Origins and history
Yodlee was started since 1999 by Venkat Rangan (vice chancellor of Amrita University); Sam Inala, Ramakrishna "Schwark" Satyavolu, Srihari Sampath Kumar (all earlier at Microsoft); and Sukhinder Singh (earlier at Amazon.com and Junglee).[5]
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.[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 and existing Yodlee investors, including its largest shareholder Warburg Pincus along with Accel Partners and Institutional Venture Partners participated in the financing round.[8]
On October 3, 2014, Yodlee went public on NASDAQ, trading under the symbol YDLE. It raised $75 million at $12/share.[9] On August 10, 2015 Yodlee sold itself to Envestnet for a reported $660 Million.[10] As a result, it is no longer listed on the NASDAQ.
References
- ^ "Yodlee Privacy FAQ" (Press release).
- ^ TechCrunch. "With Top Banks In Tow, Financial Service Provider Yodlee Hits 30 Million Users".
- ^ TechCrunch. "Mint Is Yodlee's YouTube".
- ^ TechCrunch. "Y Combinator and Yodlee Team-up To Give Startups Access To Financial Data".
- ^ "Yodleeing Their Way to the Top" (Press release).
- ^ "VerticleOne to merge with Yodlee". Atlanta Business Chronicle. December 1, 2000.
- ^ TechCrunch. "Mint Is Yodlee's YouTube".
- ^ "Yodlee raises $35m funding".
- ^ New York Times. "Yodlee, a Hub for Financial apps, Raises $75 Million in IPO".
- ^ New York Times. "Yodlee, a Hub for Financial Apps, Sells Itself to Envestnet".