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Envestnet acquires Harvest Savings & Wealth Technologies, visions a unified financial wellness ecosystem

By Pavithra R

April 09, 2021

  • America
  • Envestnet
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Envestnet acquires Harvest Savings & Wealth Technologies, visions a unified financial wellness ecosystemEnvestnet, transforming the way financial advice and wellness are delivered has announced the acquisition of fintech innovator Harvest Savings & Wealth Technologies, provider of automated goals-based saving tools and wealth solutions to banks, credit unions, trust companies, and other financial institutions. The terms of the deal were not disclosed.

Harvest’s platform unifies a bank’s retail and wealth offering and includes capabilities such as:

  • Automated Micro-Savings: Harvest’s goals based savings technology enables clients to engage customers digitally to save more money, offering them an opportunity to save for anything and everything. Through the use of algorithms, it automates customers’ savings and allows banks to hold onto their deposits.
  • Digital Account Opening: Harvest’s account opening tool enables clients and end-investor customers to open accounts seamlessly across savings, wealth, and trust systems. Its streamlined technology automates forms and processes, improving account success rates and compliance. This enhanced offering will be adapted and made available to users throughout Envestnet’s unified financial wellness platform.

“We are striving to empower intelligent, connected financial lives, creating a holistic view for investments, banking, or savings account balances. Advisors’ clients expect smart and efficient digital solutions, and automated goals-based savings tools can help them create better financial habits while on the path to financial wellness. With this acquisition, we are one step further in delivering fully on this vision. This acquisition optimizes our API-based financial wellness ecosystem, and also helps strengthen our foothold to enable embedded finance, which we see as a key driver of the future of financial services,” said Stuart DePina, President of Envestnet.

Harvest’s automated micro-saving technology delivers data to the FI, which can then signal when it’s time to move someone from a savings solution to the apt wealth offering, making it an ideal fit for Envestnet’s holistic, connected financial wellness ecosystem.

“At Harvest, we believe that every wealth account starts as a savings account. Like Envestnet, since our founding we have proudly worked to help our clients unify their customers’ financial journeys. We are excited to join Envestnet as they lead the industry toward making a more meaningful impact on the holistic financial wellness of their clients’ customers,” said Drew Sievers, CEO of Harvest Savings & Wealth Technologies.

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