Yodlee, the provider of personal financial management most well known for its account aggregation, today announced that it has crossed the 30 million users milestone. Founded in 1999, Yodlee has raised over $100 million in funding and has quietly built a suite of financial management solutions that power many large financial institutions and portals, including Bank of America, Fidelity, and Amex.
Yet, for having raised significant capital and having survived more than a decade’s worth of financial vagaries, Yodlee remains somewhat under the radar — this in spite of the fact that Yodlee has offered its services to all Y Combinator startups and was originally provided Mint.com (one of its more notable, nominal competitors) with its back end technology, until Mint was acquired by Intuit in 2009.
As Mike Arrington wrote at the time, Yodlee provided its financial account aggregating services to Mint early in its career, allowing Mint to focus on user experience and launch significant marketing campaigns. The startup went on to create a significant buzz in the industry, nearly overshadowing its predecessor.
That being said, Yodlee continues to outpace Mint.com, which currently boasts 5 million users, as it has built a platform that has come to function as the backend for the majority of online personal financial management services.
Yodlee crossing the 30 million user milestone seems a testament to the fact that online banking has transitioned into personal financial management, as users are increasingly expecting to be able to manage all of their finances on one customizable platform. Adding app-based mobile functionality, too, with its FinApp Store, which offers an open API for developers to build apps for the startup’s various products, has helped Yodlee become one of the more notable online financial services providers.
Yet, even though Yodlee was recently awarded its 45th patent, counts 5 of the top 10 U.S. banks as customers, and now has over 30 million registered users, it continues to look for that elusive exit, which Mint.com was able to find in a matter of years.
Perhaps with those 45 patents issued, which range from data aggregation and categorization to instant account verification and personal finance management, Yodlee’s investment in the creation of intellectual properties is beginning to pay off.