Planwise, a personal finance management (PFM) startup out of San Francisco, announced Tuesday it is one of two companies that have been accepted into the next Yodlee Incubator Program.
The incubator program is meant to help startups develop new technology and profit from Yodlee's distribution network and access to financial institutions. It includes production-level access to Yodlee's API for up to six months, for up to 1,000 users, access to the Yodlee Developer Forum, and development and integration consultation from the Yodlee Interactive implementation team. On a case-by-case basis, Yodlee Interactive may also offer distribution assistance and other non-financial or financial support to incubated companies. Yodlee, of Redwood City, Calif., says it engages more than 50 million users.
Planwise offers consumers apps that let them see visualizations of their financial outlooks once they enter estimates of their financial data, such as monthly expenses and spending plans. Planwise markets its financial planning service as Google maps-esque in the sense that consumers should use the app when they need to get somewhere, such as when they are planning a trip to Costa Rica.
Planwise hopes to better support its users outside of the U.S. by participating in the Yodlee program. Currently, more than 50% of its users live outside of America.
"While we want to focus on launching a robust U.S. offer, we are mindful that close to three quarters of our target market is outside the U.S. so the Yodlee program is a perfect fit for our ambitions," said Vincent Turner, chief executive, in a release. Yodlee says it has 600 global banks and companies in its network.
The startup also intends to evolve its product through the incubation program with a major upgrade, the firm stated in a release.
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