With the advancement in financial services, the industry is shifting from the periphery of technology industry to its center. Globally, the investment in FinTech ventures has tripled to nearly $3 billion since 2008. As per the estimates, the global FinTech investment will more than double by 2018. Startups are playing a vital role by raising funds and making use of these funds for moving with technology. Big financial institutions are looking towards startups for acquisition. America’s second largest life insurance company Northwestern Mutual acquired an online financial planning startup LearnVest.
It is time to grab the opportunity as the industry is at a booming stage. Anyone can capitalize on it with the right thought process, skill set and zeal. Ynext, a unit of Yodlee, Inc., develops advanced financial innovations/solutions. Ynext created an incubator to provide the right resources to entrepreneurs who are aspiring to convert their ideas into reality. Yodlee wants to help them to build products by leveraging its leading data platform – the API platform. Here are the eight entrepreneurs who revealed their technologies in Yodlee’s Ynext Demo Day:
Accredify: Accredify scrutinizes an investor’s status; after that, the investor is eligible to invest in different industries.
DRAFT: The company uses crowdsourced data to help investors choose the right investment option by comparing the investment portfolio. Its investment analysis technology is targeted towards affluent millennials.
Evolved Bookkeeping: The firm offers a cloud platform for the bookkeeping process to reduce cost and save time.
Fidor US: Fidor US is a branch of the innovative, tech-savvy German bank, Fidor Bank. Fidor US is a strategy of the company to bring its “branchless banking platform” to the US.
OCX: OCX connect small and medium-sized independently owned businesses and borrowers with credit investors.
Roostify: Roostify provide cloud-based solutions to lenders which can accelerate and simplify the home loan and closing process. The company makes the loan process faster and reduces risk, making a home-buying customer’s experience better.
Telito: A review app with a newsfeed that learns a customer’s preferences. It makes the rating experience fun-based and easy.
VOATZ: VOATZ has revolutionized the voting method. The company lets citizens vote in elections via their smartphones.
Each company had free access to Yodlee Interactive’s API interface by providing them with data from banks and financial institutions. As part of a six-month program, the company has provided its ongoing support and guidance in fields like capital raising, product development and more to these startups.
About Yodlee: Yodlee is the heart of a new digital financial ecosystem. With thousands of data sources and a unique cloud platform, Yodlee is transforming the distribution of financial services and redefining customer engagement.