Via the partnership, AlphaCode members will have access to Envestnet | Yodlee’s data aggregation and analytics platform, along with FastLink to enhance end-user experience.
The Envestnet | Yodlee offerings let users in Africa quickly link external bank accounts into a single dashboard, helping them make smarter financial decisions. AlphaCode entrepreneurs will also be able to leverage the offerings to create services providing more affordable background checks when applying for loans.
Jason O’Shaughnessy, SVP of International Markets and Managing Director, EMEA at Envestnet | Yodlee says that the fintech landscape, combined with Africa’s entrepreneurial spirit, is driving innovation in Africa.
“With tools like M-Pesa becoming a part of everyday life,” he says.
“We are excited to support the development and evolution of financial services by providing access to our platform and solutions within AlphaCode. We believe that emerging entrepreneurs often shape the future of fintech, and partnering with AlphaCode provides them with access to our industry leading data aggregation platform. Our goals of supporting global financial innovation are aligned, and we’re proud to boost Africa’s financial technologies potential.”
The strategic partnership between Envestnet | Yodlee and AlphaCode aims to improve the quality of financial tools available to the African startup economy working on creating powerful financial solutions.
Mobile payments have grown enormously over the years in Africa. In 2014, the market generated US$656 million and is expected to double to US$1.3 billion in the next four years. Africa’s financial technology adoption rate for e-wallets is also 3 times faster compared to the United States. Now with Envestnet | Yodlee’s support, African entrepreneurs can provide a better financial experience and decision making process for consumers, helping financial applications evolve alongside Africa’s embrace of new technologies.
Says Dominique Collett, Senior Investment Executive at Rand Merchant Investment Holdings and Head of AlphaCode, “Open platform architecture is transforming cost structures of financial services organisations and the pace of innovation and customer engagement via the use of APIs.”
She says that AlphaCode is excited to work with a technology company like Envestnet | Yodlee that is enabling rapid innovation in the industry and transforming how financial services organisations deliver customer solutions.
AlphaCode looks forward to seeing what its members are able to do with the new platforms and tools offered via this partnership.