US-based financial data aggregation and analytics platform Envestnet | Yodlee has snapped up Indian peer FinBit.io. The deal value was not divulged.
FinBit.io supports more than 60 B2B fintech firms in India and the broader Asian market.
The company, led by founder and CEO Prashant Paliwal, will now be in charge of Envestnet | Yodlee unit, Yodlee FinSoft.
The aim is to support account aggregation business in India and other geographies in Asia.
“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,” Paliwal noted.
FinBit.io offers account aggregator technology that links FIPs (Financial information providers) with FIUs (Financial information users).
The firm’s analytics is designed to support real-time decisioning for use cases such as lending, noted Envestnet | Yodlee.
Envestnet | Yodlee CEO Stuart DePina considers India and Asia “strategically important geographies” for the firm.
DePina stated: “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.”
Last year, Envestnet | Yodlee acquired software provider Abe AI, a provider of conversational banking solutions.