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This is Jessica from inDinero. We use the same technology that Mint uses -- namely, integrating with a third party service called Yodlee. They take care of ag
by jlm382 16y ago
This is Jessica from inDinero. We use the same technology that Mint uses -- namely, integrating with a third party service called Yodlee. They take care of aggregating financial data through various means. Screen scraping, direct OFX feeds, etc...
The typical question is, why do Mint and inDinero use Yodlee instead of building the solution out themselves?
1) Security Liability. No startup should ever have to deal with the problems that go with storing passwords to financial accounts. Yodlee is in the business of security, they have direct feeds with major banks, making it much easier (and safer) to just integrate with them.
2) Mass quantity of banks. Screen scraping from so many banks is a pain in the *. It isn't standard either -- compare the bank website of Wells Fargo to that of a local credit union that asks 5 security questions upon login. In short, it's a brutal nightmare.
3) None of our businesses are in the business of screen-scraping. If Mint had to spend the first year of business integrating with banks, they wouldn't be successful. And even once the integrations are done, you have to maintain them in the event that the bank changes their login page or interface. In short, it's not worth any startup's time to do manual screen scraping themselves.
Would be happy to discuss further if you DM me.
- nickadams 16y agoFeel free to ignore this if it's something you can't talk about... but can you confirm if Yodlee works with startups concerning licensing costs? Do they do something where you pay based on the number of accounts? Or do they ask for equity? I've seen a number of startups use Yodlee or CashEdge and I was always curious how they could afford this or how the setup worked. I can't imaging they pay what Mint was reported to have paid (about $2mil/yr) to license the software.
- Gianteye 16y agoWould you consider working with Iphone app developers to make money tracking and spending actionable? I've wanted this tool for a few years now. If I set my expenses, say utilities, rent, insurance, and car payments in a system that also tracks my purchases and income, I could see my daily budget for other more spontaneous expenses. I could open up my app to find what my drinking/nightlife expenses can be today, or tally up the day's spending to see if I'm still on track with that utility bill. The thing I've found frustrating about financial planning tools is that they seldom give me any useful information about the purchase I want to make right now. Instead, they tell me about the malleable resource called money, and offer me the chance to look at it from a 3rd person perspective.