Yodlee

American personal finance software company

Yodlee is a web application software company that provides consumer permissioned data aggregation, consolidating information from multiple accounts (credit cards, bank accounts, investments, etc.) by using open banking APIs. Additionally, Yodlee provides customers with alternative credit data, and it has analysis tools for financial service providers. Yodlee partners with more than 1,400 financial services and tech companies, including 18 of the top 20 U. S. banks, and has tens of millions of customers.

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). Yodlee started operations in Sunnyvale, California and then moved its headquarters to 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. In 2010, Yodlee partnered with Y Combinator, providing its financial services platforms to all Y Combinatorfunded 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 along with Accel Partners and Institutional Venture Partners, 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 August 10, 2015 Yodlee sold itself to Envestnet 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. As of June 30, 2023, Envestnet | Yodlee had over 17 million data sources and 47 million users, and works with over 1,400 financial services and tech companies, including 18 of the top 20 U. S. banks.

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. In August 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. 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.