Envestnet | Yodlee has acquired another asset in its strategy to further grow and develop its data aggregation and analytics business.
The company has purchased India-based FinBit.io, a data analytics platform that offers a scoring solution, BankScore, designed to help people who struggle to obtain credit due to a poor or insufficient credit history. Both companies are Finovate alums: Envestnet | Yodlee made its last Finovate appearance at FinovateFall in New York back in September; FinBit.io made its Finovate debut at FinovateAsia last fall in Singapore.
Terms of the acquisition were not disclosed. The deal was completed on February 18th.
Envestnet sees the acquisition as accelerating innovation within the company, fueling the ability of the firm to market compliant solutions to new and existing customers in the region. As part of the deal, FinBit.io founder and CEO Prashant Paliwal will lead Yodlee FinSoft, an Envestnet | Yodlee subsidiary focused on the account aggregation business in India and Asia.
Envestnet | Yodlee Chief Executive for Data and Analytics Stuart DePina called India and Asia strategically important to the company, and highlighted the account aggregator ecosystem in India as one of the more vibrant developments in fintech. “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,” DePina explained.
“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,” FinBit.io’s Paliwal said. Paliwal, who founded the Bangalore-based company in 2017, said the acquisition would enable FinBit.io to expand its product portfolio and scale its offerings. Paliwal is a Yodlee veteran, running the company’s APAC fintech business before launching FinBit.io.
Envestnet acquired multiple Finovate Best of Show winning Yodlee in 2015 for $660 million. Founded in 1999, the company has more than 25 million users around the world and 1,200+ financial institution partners including 15 of the top 20 U.S. banks. The publicly-traded firm, ENV on the New York Stock Exchange, has a market capitalization of $4 billion.