Envestnet | Yodlee (NYSE: ENV), the data aggregation and data analytics platform powering cloud-based innovation for digital financial services, today announced a strategic partnership with AlphaCode, a collaborative club for next generation financial services entrepreneurs in South Africa.
“The fintech landscape, combined with Africa’s entrepreneurial spirit, is driving innovation in Africa, with tools like M-Pesa becoming a part of everyday life,” observed Jason O’Shaughnessy, SVP of International Markets and Managing Director, EMEA at Envestnet | Yodlee. “We are excited to support the development and evolution of financial services by providing access to our platform and solutions within AlphaCode. We believe that emerging entrepreneurs often shape the future of fintech, and partnering with AlphaCode provides them with access to our industry leading data aggregation platform. Our goals of supporting global financial innovation are aligned, and we’re proud to boost Africa’s financial technologies potential.”
AlphaCode is an official Envestnet | Yodlee International Partner, which provides startups three months of production level access to Envestnet | Yodlee APIs, developer forums and support services. Envestnet | Yodlee will provide AlphaCode with data aggregation and account verification services, as well as access to FastLink. The Envestnet | Yodlee offerings let users in Africa link external bank accounts into a single dashboard helping them make financial decisions. AlphaCode entrepreneurs will also be able to leverage the offerings to create services providing more affordable background checks when applying for loans.
“Open platform architecture is transforming cost structures of financial services organisations and the pace of innovation and customer engagement via the use of APIs,” commented AlphaCode Senior Investment Executive at Rand Merchant Investment Holdings and Head Dominique Collett. “We are excited to work with a technology company like Envestnet | Yodlee that is enabling rapid innovation in the industry and transforming how financial services organisations deliver customer solutions.”
The strategic partnership between Envestnet | Yodlee and AlphaCode aims to improve the quality of financial tools available to the African startup economy working on creating powerful financial solutions. Mobile payments have grown enormously over the years in Africa. In 2014, the market generated US$656 million and is expected to double to US$1.3 billion in the next four years, according to the release. Africa’s financial technology adoption rate for e-wallets is also 3 times faster compared to the United States. With Envestnet | Yodlee’s support, African entrepreneurs aim to provide better financial experience and decision making process for consumers, helping financial applications evolve alongside Africa’s embrace of new technologies.
“African fintech businesses have provided some of the most exciting developments in global financial services in recent history,” AlphaCode Head of Ecosystem and Management Chipo Mushwana concluded. “We feel privileged to be in a position to grow promising, impactful business models. Partnering with Envestnet | Yodlee is improving on the tools we can provide to entrepreneurs allowing us to build better and more innovative businesses.”