Envestnet | Yodlee (NYSE: ENV) announced on Tuesday it formed a partnership with Varo Money Inc., a mobile-only banking startup that helps consumers gain greater control of their financial lives, and is now seeking to provide customers with a customized mobile banking experience using RESTful Envestnet | Yodlee Aggregation API.
According to Envestnet | Yodlee, Varo Money will now be able to access its Financial Data Platform using the API software and provide customers with a personalized banking experience through real-time, proactive alerts about their budgeting goals, cash flow changes and other issues vital to their financial wellness. Varo Money is also planning to integrate the Envestnet | Yodlee Account Verification API, which will provide customers with a quick, secure way to connect accounts and balances and provide low-cost funding options, while significantly reducing customer risk.
While sharing details about the new partnership, Chris Chen, Senior Vice President and General Manager of the API Team at Envestnet | Yodlee, stated:
“We’re excited to be partnering with a company committed to disrupting the banking landscape by providing consumers with a simple and customized mobile banking experience. Allowing customers to improve their financial outcomes should be the central goal of all financial offerings, and it’s great to see Varo Money leverage our platform to deliver innovative solutions that help customers achieve their goals.”
Colin Walsh, CEO of Varo Money, added:
“Varo Money is committed to creating the next-generation bank that puts customer financial health at the center of development, and a vital part of this is giving customers a complete view of their financial situation and updating them in an intelligent manner. By partnering with Envestnet | Yodlee, we’re able to provide a truly modern mobile experience while also offering proactive alerts that could have a significant impact on their financial well-being.”