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{{short description|American personal finance software company}}
{{Advert|date=January 2022}}
{{Use mdy dates|date=October 2024}}{{Infobox company
| name = Envestnet Yodlee
| logo = Envestnet Yodlee logo.svg
| logo_alt = Yodlee logo
| type = [[Subsidiary]]
| industry = [[Financial]]
| founded = {{Start date and age|1999}}
| founder = [[Venkat Rangan]]
| hq_location_city = [[Redwood City, California]]
| hq_location_country = [[United States]]
| key_people = Farouk Ferchichi<br>(President)<br>Stuart DePina<br>(Former President)<br>Anil Arora<br>(Ex CEO)
| parent = [[Envestnet]]
}}
'''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.
==Origins and history==
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 Cassidy|Sukhinder Singh]] (earlier at Amazon.com and Junglee).<ref>{{cite press release|title=Yodleeing Their Way to the Top| url=http://www.rediff.com/news/1999/oct/30us2.htm}}</ref>
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|internet banking]] firm.<ref>{{cite web|url=http://www.prnewswire.com/news-releases/s1-corporation-completes-acquisition-of-verticalone-corporation-77138602.html|title=S1 Corporation Completes Acquisition of VerticalOne Corporation|date=November 11, 1999|website=PR Newswire|access-date=25 March 2017}}</ref><ref>{{cite web|title=Company Overview of VerticalOne Corporation|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=36239|website=bloomberg.com|publisher=Bloomberg L.P.|access-date=25 March 2017}}</ref>
In 2010, Yodlee partnered with [[Y Combinator (company)|Y Combinator]], providing its financial services platforms to all Y Combinator{{En dash}}funded companies.<ref>{{cite web |last=Rao |first=Leena |date=2010-11-30 |title=Y Combinator and Yodlee Team-up To Give Startups Access To Financial Data |url=https://techcrunch.com/2010/11/30/y-combinator-and-yodlee-team-up-to-give-startups-access-to-financial-data |website=TechCrunch}}</ref>
By 2010, Yodlee was said to have raised at least $116 million over its 10-year lifespan.<ref name=":0">{{cite web |last=Arrington |first=Michael |date=2009-09-18 |title=Mint Is Yodlee's YouTube |url=https://techcrunch.com/2009/09/18/mint-is-yodlees-youtube |website=TechCrunch}}</ref> 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.<ref>{{cite web|url=http://www.finextra.com/fullstory.asp?id=18546|title=Yodlee raises $35m funding|date=4 June 2008 }}</ref>
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.<ref>{{cite web |last=Empson |first=Rip |date=2011-07-06 |title=With Top Banks In Tow, Financial Service Provider Yodlee Hits 30 Million Users. |url=https://techcrunch.com/2011/07/06/with-top-banks-in-tow-financial-service-provider-yodlee-hits-30-million-users/ |website=TechCrunch}}</ref><ref name=":0" />
On October 3, 2014, Yodlee went public on NASDAQ, trading under the symbol YDLE. It raised $75 million at $12 per share.<ref>{{Cite web|url=https://dealbook.nytimes.com/2014/10/02/yodlee-a-hub-for-financial-apps-raises-75-million-in-i-p-o/|title=Yodlee, a Hub for Financial Apps, Raises $75 Million in I.P.O.|last=de la Merced|first=Michael J.|date=2014-10-02|website=DealBook|publisher=[[The New York Times]]|language=en|access-date=2019-09-28}}</ref> On August 10, 2015 Yodlee sold itself to [[Envestnet]] for a reported $660 Million.<ref>{{Cite news|url=https://www.nytimes.com/2015/08/11/business/dealbook/yodlee-a-hub-for-financial-apps-sells-itself-to-envestnet.html|title=Yodlee, a Hub for Financial Apps, Sells Itself to Envestnet|last=de la Merced|first=Michael J.|date=2015-08-10|work=The New York Times|access-date=2019-09-28|language=en-US|issn=0362-4331}}</ref> As a result, it is no longer listed on the NASDAQ. In November 2017, Token partnered with Yodlee for payments and financial data aggregation.<ref>{{Cite web|url=https://www.fintechfutures.com/2017/11/token-and-envestnet-yodlee-team-up-for-open-banking/|title=Token and Envestnet {{!}} Yodlee team up for open banking|last=Peyton|first=Antony|date=2017-11-13|website=FinTech Futures|access-date=2017-11-14}}</ref>
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.{{Citation needed|date=July 2024}}
==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]] to investigate the matter.<ref>{{Cite news|last=Tracy|first=Ryan|date=2020-01-17|title=Lawmakers Call for Investigation of Fintech Firm Yodlee's Data Selling|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/lawmakers-call-for-investigation-of-fintech-firm-yodlees-data-selling-11579269600|access-date=2021-08-16|issn=0099-9660}}</ref> 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.<ref>{{Cite web |last=Berman |first=Jeff |title=Envestnet, Yodlee Sued Over Consumer Data Collection |url=https://www.thinkadvisor.com/2020/09/02/envestnet-yodlee-sued-over-consumer-data-collection/ |access-date=2022-07-12 |website=ThinkAdvisor |language=en}}</ref> 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.<ref>{{Cite web |title=Envestnet, Yodlee Say Consumers OK'd Access To Bank Data - Law360 |url=https://www.law360.com/articles/1350862/envestnet-yodlee-say-consumers-ok-d-access-to-bank-data |access-date=2022-07-12 |website=www.law360.com |language=en}}</ref>
== See also ==
* [[Plaid (company)]]
==References ==
{{reflist|30em}}
== External links ==
* [https://www.yodlee.com/ Official website]
[[Category:Online financial services companies of the United States]]
[[Category:Financial technology companies]]
[[Category:Account aggregation providers]]
[[Category:Companies based in Redwood Shores, California]]
[[Category:Private equity portfolio companies]]
[[Category:Warburg Pincus companies]]
[[Category:Software companies based in the San Francisco Bay Area]]
[[Category:Companies formerly listed on the Nasdaq]]
[[Category:Software companies of the United States]]
[[Category:Financial services companies established in 1999]]
[[Category:Software companies established in 1999]]
[[Category:2014 initial public offerings]]
[[Category:2015 mergers and acquisitions]]
[[Category:1999 establishments in California]]