Envestnet | Yodlee teams with Varo Money

Envestnet | Yodlee teams with Varo Money

California based technology companies Varo Money and Envestnet | Yodlee have teamed up to drive fintech innovation. Varo Money, a mobile-only banking start-up hopes to leverage Envestnet | Yodlee’s data analytics and aggregation platform to provide customers with a more customised mobile banking experience, and better insights into their financial well-being.

Varo Money’s application will tap into Envestnet | Yodlee’s financial data platform using a RESTful API, to provide customers with proactive alerts about their budgeting goals, cash flow changes and other important notifications, all in real-time.

The mobile-only banking service will also use Envestnet | Yodlee’s verification API to help customers review their accounts, check their balances. The company says customers will benefit from low-cost funding and reduced risks.

“Varo Money is committed to creating the next-generation bank that puts customer financial health at the centre of development, and a vital part of this is giving customers a complete view of their financial situation and updating them in an intelligent manner,” states CEO Colin Walsh.

By Soumik Roy, editorial contributor to Banking Technology