The Tyro Fintech Hub announced their partnership with US fintech company Yodlee yesterday. The partnership between Australia’s first fintech hub and Yodlee will enable fintech start-ups accelerate with free access to Yodlee APIs.
Tyro Fintech hub will be the newest partner of Yodlee Interactive, an arm of Yodlee Incorporated, which is already partnered with six other global organisations, including Level 39, techUK and Fintech Circle in the UK, Y-Combinator and Eaglewood Capital in the US, and Blue Chilli Incubator in Sydney.
Through the partnership fintech start-up members will gain free access to Yodlee’s Application Programming Interface (API) which provides access to more than 12,000 global financial data sources.
Access to Yodlee’s API, which contains rich financial account and transactional data, means that fintech start-ups can connect to small businesses and consumers’ financial accounts, a connection which creates a data-rich feed that enables start-ups to gain real-time insights into behaviours for online and mobile fintech services.
As one of the biggest financial aggregators in the world, Yodlee is said to be making Australia an important part of its efforts, and already has connections with the Australian market though its supply of bank feeds to Australian fintech companies such as peer-to-peer lender Society One and personal financial management tool MoneyBrilliant.
The strategic partnership means that members can build fintech businesses for Australia, with the scale to go global.
“This is an outstanding time to be involved in fintech, and we are thrilled to be part of the Yodlee International Accelerator Program,”
“Start-ups traditionally face barriers in this space, but we put an emphasis on connecting fintech entrepreneurs with the right people, tools, and resources to best help them succeed. Tyro Fintech Hub’s strategic partnership with Yodlee Interactive means members can build fintech businesses that not only focus on the Australian marketplace, but can scale to go global from day one,” said Andrew Corbett-Jones, Head of the Tyro Fintech Hub
According to statistics, global fintech financing activity has grown from around $100m in 2008 to $3bn in 2013 and the finance and insurance sector is the largest industry in the East coast of Australia, employing 180,000 people, and contributing $57bn to the economy.