Envestnet, Inc. has agreed to sell its subsidiary Yodlee, Inc. to private equity firm STG. The transaction, expected to close in Q3 2025, will allow Yodlee to focus on growth under STG's management. STG, with over $12 billion in assets, plans to enhance Yodlee's innovation and market presence. Envestnet will continue to partner with Yodlee, focusing on its core wealth management platform. Legal and financial advisors for the deal include Paul Hastings LLP, KPMG LLP, Jefferies LLC, and BofA Securities.

Anur joins from Yodlee, the data aggregation and analytics subsidiary of Envestnet, where he served as COO for over five years.

In November this year, open banking, data aggregation and analytics platform Yodlee, will turn sixteen in Australia. Yodlee launched on Aussie soil in November 2008, initially providing the white label Personal Financial Management application behind ANZ’s budgeting, financial management and investment planning tool – MoneyManager, and the landscape and Yodlee’s impact on Australia’s finance sector has evolved immeasurably ever since.From an industry perspective, Australia’s fintech sector has grown to a sizeable $45 billion; 2017 saw the launch of the Royal Commission into the banking, superannuation and financial services industries – which sparked an overhaul of the finance sector, putting integrity and customer centricity at the heart of everything it did; and in July 2020, the Consumer Data Right (CDR), otherwise known as open banking, launched in Australia. The period has also witnessed the advent of disruptive financial technologies like personal financial management platforms (PFMs), cryptocurrencies, BNPL, alternative lenders and many more.Yodlee’s own local footprint has evolved considerably. After launching as part of ANZ’s Money Manager, Yodlee has supported many key local industry players to develop new innovative tools that help Aussies better understand their finances. Its local product suite has grown to include flagship tools like Credit Accelerator, which leverages alternative lending data to create competitive offers, minimise risk, streamline the loan application process, and increase loan completion; as well as its fully accredited open banking User Interface solution FastLink 4, and Instant Account Verification which verifies financial accounts instantly.Furthermore, Yodlee’s Machine Learning-powered Transactional Data Enrichment (TDE) product means consumers can receive a greater level of clarity into their financial transactions. TDE augments and refines financial transaction data by adding a simple description, merchant name, category, and geolocation in a contextualised manner based on learnings from millions of transactions.In 2021, Yodlee perhaps achieved its most significant local milestone: becoming an Accredited Data Recipient and Intermediary under Australia’s Consumer Data Right (CDR).From screen scraping to open bankingPart of Australia’s move towards an open banking landscape has meant shifting from more traditional, manual screen scraping practices to digitised, API-driven ones