Partnership Enables Startups to Create/Distribute Innovative Products in Financial Services; Four Entrepreneurial Companies Already Benefitting
REDWOOD CITY, Calif., Nov. 30, 2010 -- Yodlee, Inc., the leading provider of online personal financial management (PFM) and integrated payments solutions has partnered with Y Combinator, a pioneer in investments to startup companies. Together, the organizations are driving innovation in financial services by providing access to Yodlee's financial services platform for select Y Combinator funded start ups.
"Yodlee is committed to constant innovation in the financial services industry. Allowing third party developers to leverage our unique web platform and distribution capabilities will put innovative new products and services in the hands of financial institutions and the customers who need them at an even faster rate," stated Joseph Polverari, Chief Marketing & Strategy Officer, Yodlee. "Our relationship with Y Combinator will enable a new generation of entrepreneurs and developers to create products that will help people manage and relate to their money."
"We've noticed an increase in the number of startups applying for funding who are building products in the personal finance space and need reliable access to personal financial information," said Harj Taggar, Partner at Y Combinator. "The financial services space is becoming an exciting area for startups, which is probably a result of consumers becoming more comfortable with managing their finances online. We're excited about having Y Combinator work together with Yodlee to see what new kinds of innovative products can be built in this space."
With this partnership, companies in each Y Combinator funded class can securely access financial account and transaction data on behalf of consumers through Yodlee's platform. This gives companies the flexibility to build a working product, conduct a beta test, apply user feedback and establish a solid launch pad for obtaining later stage investors. Four Y-Combinator-funded companies: Indinero, WePay, FutureAdvisor, and ReadyForZero are already leveraging Yodlee's market-leading platform, a testament to the value of the platform for powering new innovation.
Leading financial institutions and portals trust Yodlee to power critical online banking applications that increase profitability and drive more value from the online channel. Yodlee's proven, patented personal financial management, payments, and customer acquisition solutions unify all personal financial account information to deliver a simple, centralized and secure way for consumers to manage all of their financial tasks anytime, anywhere. Yodlee makes financial institutions' websites essential to their customers and generates new deposit and revenue opportunities. Yodlee's patented data, payments and risk management utility supports more than 12,000 unique account sources and over 120,000 different account types. More than 200 leading financial institutions and portals offer Yodlee-powered solutions to millions of customers worldwide. Yodlee is headquartered in Redwood City, California. For more information, visit www.yodlee.com.
About Y Combinator
Y Combinator is a leader in seed funding. By providing early stage venture funding, Y Combinator helps new companies get off the ground by covering startup costs and initial expenses. Y Combinator provides small investments, rarely larger than $20,000, in return for small stakes, generally 2%-10%, in funded companies. Furthermore, Y Combinator is a proven networking solution, connecting expert investors with companies working in the same field. Y Combinator's knowledge-based awareness and financial-based services launches successful startups. For more information, visit http://ycombinator.com/index.html
SOURCE Yodlee, Inc.
RLM Public Relations for Yodlee, Inc.,
+1-212-741-5106, Ext. 237,
Web Site: www.yodlee.com