Yodlee is an American software company that develops an

account aggregation Account aggregation sometimes also known as financial data aggregation is a method that involves compiling information from different accounts, which may include bank accounts, credit card accounts, investment accounts, and other consumer or busin ...

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 Quicken is a personal finance management application originally developed and offered by Intuit, Inc. Intuit sold Quicken to H.I.G. Capital in 2016, and H.I.G. sold Quicken to Aquiline Capital Partners in 2021. Quicken runs on Windows and Mac ...

). Yodlee's Privacy Policy FAQ references Yodlee as a licensee of the TRUSTe Privacy Program. Part of Yodlee's business model consists of selling its customers' financial transaction data to investors. 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 Amrita Vishwa Vidyapeetham (or Amrita University) is a private deemed university based in Coimbatore, India. It currently has 7 campuses with 16 constituent schools across the Indian states of Tamil Nadu, Kerala, Andhra Pradesh and Karnataka ...

), Sam Inala, Ramakrishna "Schwark" Satyavolu, Srihari Sampath Kumar (all formerly at

Microsoft Microsoft Corporation is an American multinational technology corporation producing computer software, consumer electronics, personal computers, and related services headquartered at the Microsoft Redmond campus located in Redmond, Washi ...

), and Sukhinder Singh (earlier at Amazon.com and Junglee). Yodlee started operations (and is headquartered) in Redwood Shores, California. It also has offices in

London, UK London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a major se ...

and

Bangalore, India Bangalore (), officially Bengaluru (), is the capital and largest city of the Indian state of Karnataka. It has a population of more than and a metropolitan population of around , making it the third most populous city and fifth most ...

. 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. In 2010, Yodlee partnered with

Y Combinator Y Combinator (YC) is an American technology startup accelerator launched in March 2005. It has been used to launch more than 3,000 companies, including Airbnb, Coinbase, Cruise, DoorDash, Dropbox, Instacart, Quora, PagerDuty, Reddit, St ...

, providing its financial services platforms to all Y Combinator-funded companies. By 2010, Yodlee was said to have raised at least $116 million over its 10-year lifespan. 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 Warburg Pincus LLC is a global private equity firm, headquartered in New York, with offices in the United States, Europe, Brazil, China, Southeast Asia and India. Warburg has been a private equity investor since 1966. The firm currently has over ...

along with

Accel Partners Accel, formerly known as Accel Partners, is an American venture capital firm. Accel works with startups in seed, early and growth-stage investments. The company has offices in Palo Alto, California and San Francisco, California, with additional ...

and

Institutional Venture Partners Institutional Venture Partners (IVP) is a US-based private equity investment firm focusing on later-stage venture capital and growth equity investments. IVP is one of the oldest venture capital firms, founded in 1980. History While Reid W. Denn ...

, participated in the financing round. 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. On October 3, 2014, Yodlee went public on NASDAQ, trading under the symbol YDLE. It raised $75 million at $12/share. On August 10, 2015 Yodlee sold itself to

Envestnet Envestnet, Inc. is an American financial technology corporation which develops and distributes wealth management technology and products to financial advisors and institutions. Their flagship product is an advisory platform that integrates the ...

for a reported $660 Million. As a result, it is no longer listed on the NASDAQ. In November 2017, Token partnered with Yodlee for payments and financial data aggregation. In August 2015,

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 The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) antitrust law and the promotion of consumer protection. The FTC shares jurisdiction o ...

to investigate the matter. In August of 2020, a

class-action lawsuit A class action, also known as a class-action lawsuit, class suit, or representative action, is a type of lawsuit where one of the parties is a group of people who are represented collectively by a member or members of that group. The class actio ...

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. 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.

References

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External links

* https://www.yodlee.com/ Online financial services companies of the United States Financial technology companies Account aggregation providers Companies based in Redwood Shores, California Private equity portfolio companies Warburg Pincus companies Software companies based in the San Francisco Bay Area Companies formerly listed on the Nasdaq Software companies of the United States Financial services companies established in 1999 Software companies established in 1999 2014 initial public offerings 2015 mergers and acquisitions 1999 establishments in California

Origins and history

Lawsuit

See also

References

External links