REDWOOD CITY, Calif., May 11, 2016 /PRNewswire/ -- Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services, today announced a strategic partnership with AlphaCode, a collaborative club for next-generation financial services entrepreneurs in Sandton, South Africa. AlphaCode is an official Envestnet | Yodlee International Partner, which provides startups three months of production-level access to Envestnet | Yodlee APIs, developer forums and support services.
Envestnet | Yodlee will provide AlphaCode with industry-leading data aggregation and account verification services, as well as access to FastLink to enhance the end-user experience. The Envestnet | Yodlee offerings let users in Africa quickly link external bank accounts into a single dashboard, helping them make smarter financial decisions. AlphaCode entrepreneurs will also be able to leverage the offerings to create services, providing more affordable background checks when applying for loans.
"The fintech landscape, combined with Africa's entrepreneurial spirit, is driving innovation in Africa, with tools like M-Pesa becoming a part of everyday life," said Jason O'Shaughnessy, SVP of International Markets and Managing Director, EMEA at Envestnet | Yodlee. "We are excited to support the development and evolution of financial services by providing access to our platform and solutions within AlphaCode. We believe that emerging entrepreneurs often shape the future of fintech, and partnering with AlphaCode provides them with access to our industry-leading data aggregation platform. Our goals of supporting global financial innovation are aligned, and we're proud to boost Africa's financial technologies potential."
The strategic partnership between Envestnet | Yodlee and AlphaCode aims to improve the quality of financial tools available to the African startup economy working on creating powerful financial solutions. Mobile payments have grown enormously over the years in Africa. In 2014, the market generated US$656 million and is expected to double to US$1.3 billion in the next four years. Africa's financial technology adoption rate for e-wallets is also three times faster compared to the United States. Now with Envestnet | Yodlee's support, African entrepreneurs can provide a better financial experience and decision-making process for consumers, helping financial applications evolve alongside Africa's embrace of new technologies.
"Open platform architecture is transforming cost structures of financial services organisations and the pace of innovation and customer engagement via the use of APIs," said Dominique Collett, Senior Investment Executive at Rand Merchant Investment Holdings and Head of AlphaCode. "We are excited to work with a technology company like Envestnet | Yodlee that is enabling rapid innovation in the industry and transforming how financial services organisations deliver customer solutions."
"African fintech businesses have provided some of the most exciting developments in global financial services in recent history," said Chipo Mushwana, Head of Ecosystem and Management at AlphaCode. "We feel privileged to be in a position to grow promising, impactful business models. Partnering with Envestnet | Yodlee is improving on the tools we can provide to entrepreneurs allowing us to build better and more innovative businesses."
To learn more about AlphaCode, visit http://alphacode.club
About Envestnet | Yodlee
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective, and fully-aligned standard of care, and empower advisors to deliver better outcomes.
Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. More than 1,000 companies, including 12 of the 20 largest U.S. banks and hundreds of Internet services companies, subscribe to the Envestnet | Yodlee platform to power personalized financial apps and services for millions of consumers. Envestnet | Yodlee solutions help improve the speed and delivery of financial innovation, improve digital customer experiences, and drive better outcomes for our clients and their customers.
Envestnet | Yodlee is headquartered in Redwood City, CA with global offices in London and Bangalore. For more information, visit www.yodlee.com.
AlphaCode is a collaborative club for next generation financial services entrepreneurs. The pioneering hub provides a platform for members to engage and work alongside experienced entrepreneurs, technology investors and industry experts, resulting in accelerated growth and access to market.
AlphaCode is powered by Rand Merchant Investment Holdings (RMI) and Rand Merchant Bank Holdings (RMBH), which are strategic active managers of a US$46bn financial services portfolio, which includes FirstRand, Discovery, OUTsurance, MMI Holdings, Merchant Capital and RMB Structured Insurance. RMIH and RMBH are active, value-adding partners and enablers of innovation and leadership in financial services.
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