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Yodlee, a company that powers personal financial management (PFM) solutions for major banks and finance portals, now has 34 million registered users worldwide, it told VentureBeat.
And it doesn’t look like Yodlee’s growth is going to slow down anytime soon, especially with the “FinApps,” or financial apps it launched last year, which give third-party developers the power to develop apps that can securely access financial data.
The 12-year-old company has been a leading force for online financial services for some time. It’s the PFM of choice for eight of the top 10 financial institutions, including Fidelity and Bank of America. Yodlee is also notable for powering the data behind personal finance site Mint.com in its early days (which was eventually snapped up by Intuit, and now relies on Intuit’s financial data).
With FinApps, Yodlee is hoping to be a pioneering force once again. More than 250 developers are currently working on FinApps. Those apps can be deployed just about anywhere, from bank websites to social networks. The company tells me that it has about a dozen Facebook FinApps on the horizon, and that it has developers working on FinApps in “core categories” over the next two years.
Savings site BillShrink was on board with Yodlee for one of the first FinApps, which takes advantage of BillShrink’s savings and comparison engine to point out ways for consumers can to save money. The app also uses BillShrink’s targeted marketing engine, something Yodlee says it will be eying more closely as there is plenty of potential for targeted marketing data from FinApps.
Yodlee tells me that it takes less than a month for banks using its current system to make their sites FinApps-enabled. For new customers, it takes about 10 to 12 weeks.
Redwood City, Calif., based Yodlee has raised over $100 million in funding from Accel Partners, Warburg Pincus, and others.