In today’s top news in digital-first banking, TrueLayer landed $70 million in a funding round headed up by Addition, while Envestnet had acquired Harvest Savings & Wealth Technologies. Plus, Avant has purchased Zero Financial along with its neobank, Level.
TrueLayer notched $70 million in an Addition-led Series D funding round. The investment will assist the company in furthering the global growth of its open banking-based network and debut new products. TrueLayer is aiming to build out an open banking network that streamlines identity, financial data and payments. In addition, the infusion will be harnessed to develop the firm’s engineering, product and commercial workforces. More than half of the open banking traffic in Spain, Ireland and the U.K. is handled by TrueLayer’s application programming interface (API)-first tech.
Envestnet, the wealth management technology company, has purchased financial technology upstart Harvest Savings & Wealth Technologies for a price that was not disclosed. Harvest Savings & Wealth Technologies complements Envestnet’s technology with automated saving and wealth tools for trust companies, credit unions and banks, among other kinds of financial institutions (FIs). “The right financial advice and investment strategies can make a great difference for one’s financial future. However, the path to financial wellness begins with saving,” Dani Fava, head of strategic development at Envestnet, said in a release.
Avant, which aims to equip underserved consumers with access to credit, has purchased Zero Financial along with its neobank, Level. Terms of the deal were not made public. Avant crossed the 1.5-million client mark in 2020. “Avant shares our mission to challenge the status quo by bringing innovative financial services products to consumers who might otherwise be unable to access them,” Zero Financial Co-founder and CEO Bryce Galen said in a release.
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