Gediminas Jasionis

Yodlee, Inc. Will it change the world of online banking?

by Gediminas Jasionis June 10, 2008
Yodlee logoYodlee, Inc. delivers online banking solutions to financial institutions. The patented software gives the institution's customerss greater financial awareness and control when administering personal finances online. The product is designed for financial institutions and helps to increase revenue and acquire new customers while lowering overall costs. Yodlee is a privately-held company. Their investor list includes Accel, Institutional Venture Partners, S1 Corporation, and Warburg Pincus. Yodlee is headquartered in Redwood City, California.

The company announced on June 4, 2008, that they have secured a $35 million financing. The investment came from Bank of America, Warburg Pincus, Accel Partners and Institutional Venture Partners. Yodlee will mostly use the capital to increase their sales as well as improve the deployment and operational infrastructure for their services.

The president and CEO of Yodlee, Anil Arora, expressed confidence in company's future: "We think Bank of America's participation in this financing is a significant vote of confidence in Yodlee and its growth plans."

The company also announced on May 28, 2008, that they entered into a partnership agreement with Q2 Software, Inc., another provider of electronic banking software and services for financial institutions. Following the agreement Q2 will integrate into its own platform and make available to its customers Yodlee's technology. Both companies expect this will help them achieve larger market share.

Yodlee seems to have established quite a solid circle of partners. On May 6, 2008, they announced a partnership agreement with Postilion, a division of S1 Corporation (NASDAQ: SONE) . Postilion is a a provider of integrated software solutions for self-service banking and payments.

Further, Yodlee, Inc., has a framework agreement with Vodafone UK, by which the company re-sells Yodlee's mobile banking solution through its Target program.

Yodlee even has an agreement with The Western Union Company (NYSE: WU) to offer a range of online payment capabilities through Yodlee BillPay PayItAll solution.

With the new investment and such solid partners, Yodlee seems to be ready to get a nice piece of market share.

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