Envestnet | Yodlee (NYSE: ENV), a leading financial data and analytics platform powering dynamic, cloud-based innovation for digital financial services has acquired FinBit.io an emerging financial data aggregation and analytics platform provider for the India and Asia market, powering over 60 B2B FinTech companies.
In addition to FinBit.io, Prashant Paliwal, FinBit.io's Founder and CEO, along with his team, will lead Yodlee FinSoft, a wholly owned subsidiary of Envestnet | Yodlee, to drive account aggregation business in India and other parts of Asia.
"While we continue to grow globally, India and Asia are strategically important geographies for us," said Stuart DePina, Chief Executive of Envestnet | Yodlee. "While open banking is making waves across the world, India is making progress with its own Account Aggregator ecosystem. We are delighted to empower millions of consumers in India with state-of-the-art Account Aggregator technology and superior user experiences that will allow them to share consented data seamlessly across platforms enabling speedy solutions such as the real-time processing of personal loan applications."
"Our vision is to empower consumers with the ability to permit the aggregation of their financial data so that holistic analytics can be made available to valuable services like affordable credit, personal finance management and even accounting", said Prashant Paliwal, Founder and CEO of FinBit.io. "By joining forces with the pioneer in data aggregation and analytics, Envestnet | Yodlee, we will be able to provide a broader product portfolio to our customers, along with the critical ability to scale our solutions."
"India is at an inflection point for consumer consented data services with the emergence of Account Aggregator guidelines. FinBit.io's technology is at the forefront of this innovation and will enable Envestnet | Yodlee to offer compliant solutions in the very near future to our existing and new customers", said Arjun Singh, Managing Director, Envestnet | Yodlee Asia. "We expect the pace of our innovation to pick up with this acquisition and for us to be a major player wherever Open Banking standards are deployed."
The acquisition was completed on February 18th, 2020. Terms were not disclosed.
Key Benefits of the Acquisition
FinBit.io's account aggregator technology provides a unique end-to-end platform connecting FIPs (Financial information providers) with FIUs (Financial information users) with customer consent at the core of this platform.
FinBit.io's analytics platform enables customers with real-time decisioning for use cases like lending. Disruptive innovations like FinBit.io's BankScore provide a powerful alternative to credit scores for large, developing markets with new to credit customers.
FinBit.io's aggregation technology, specifically their mobile client-side aggregation technology, provides a unique mobile-first customer experience tailor made for the Indian and Asian market.