Yodlee Interactive announced today that it now powers more than 80 financial technology companies in the small business space.
Yodlee Interactive is the business unit of Yodlee(NASDAQ: YDLE) that powers hundreds of financial apps and services worldwide, and provides its open and secure financial data APIs to developers, entrepreneurs and Fortune 500 innovators alike. This milestone represents Yodlee Interactive's growth in the small business sector—one of the fastest-growing financial markets—as the company also continues to pioneer growth across over 30 unique verticals for hundreds of customers.
"Small business owners are notoriously hard workers who wear many hats. They need quick, simple, easy financial tools that make their lives easier—not complex bank channels and legacy systems that make them even harder," said Joe Polverari, General Manager of Yodlee Interactive and Chief Strategy and Development Officer ofYodlee. "The traction we've seen in this space signals just how impactful APIs like ours are for transforming and improving financial experiences for small businesses, allowing them to focus on what really matters—running and growing their business."
The elite group of companies on the Yodlee Interactive platform provides small businesses with digital financial tools that improve the way they access and manage their money. The companies span high-growth areas of accounting, lending and expense management, and include:
● Kabbage: provides small businesses with a business line of credit in a matter of minutes. It is the only fully automated financing platform in the industry. Kabbage has already connected businesses with over $500 million, and its services are used and trusted by tens of thousands of customers.
● Xero: provides simple, digital accounting software to more than 370,000 small businesses. Xero raised $150 million in funding in 2013.
● Wave: is free, cloud-based small business software with more than 2.5 million users around the world, tracking over $50 billion in income and expenses. Waveand expenses. Wave includes free accounting, invoicing, receipt scanning and personal finance, as well as payroll and payments.
● AmeriMerchant: provides a variety of financing programs to fit small businesses' needs, offering small business loans, working capital against future credit card receivables and inventory purchasing.AmeriMerchant was founded in 2002 and has helped provided hundreds of millions of dollars in working capital to businesses through its technology platform.
● Swift Capital: connects small businesses online or by phone to working capital in minutes—with instant decisions and funding as fast as one hour, based on its proprietary real-time data driven risk models and decision engines. Swift Capital has already provided over $400 million in funding to more than 10,000 small businesses nationwide, with funding amounts ranging from $5,000 to $250,000.
● PaySimple: offers a simple and secure management platform for companies to manage customers and payments all in one place. It is currently serving more than 10,000 small businesses.
Yodlee Interactive's 80 partners in the small business space join hundreds of other companies in other sectors that leverage Yodlee's APIs to build innovative FinDat solutions across a range of verticals.