Envestnet | Yodlee (NYSE: ENV), a data aggregation and analytics platform for digital financial services provider, announced on Tuesday it has acquired FinBit.io, a financial data aggregation and analytics platform provider for the India and Asia market.
Founded in 2017, FinBit.io describes itself as a data analytics platform that gathers and analyses financial bits of information for meaningful insights. The India-based company reported that its flagship product, Fin360, uses machine learning and AI to analyze bank transaction data at scale and serves a number of FinTech companies and banks for their advanced credit analytics needs through a scalable API and UI.
“With bank transaction data analytics at its core, FinBit.io is changing the credit data analytics paradigm by innovating with alternate data sources like mobile phone data, email and consent based data aggregation.”
Speaking about the acquisition, Prashant Paliwal, FinBit.io’s Founder and CEO, stated:
“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. By joining forces with the pioneer in data aggregation and analytics, Envestnet | Yodlee, we will be able to provide a broader product portfolio to our customers, along with the critical ability to scale our solutions.”
Stuart DePina, Chief Executive of Envestnet | Yodlee, further commented:
“While we continue to grow globally, India and Asia are strategically important geographies for us. While open banking is making waves across the world, India is making progress with its own Account Aggregator ecosystem. 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.”
Envestnet | Yodlee went on to add that in addition to acquiring FinBit.io, Paliwal and his team will lead Yodlee FinSoft, a wholly-owned subsidiary of Envestnet | Yodlee, to drive account aggregation business in India and other parts of Asia.