Wealth tech provider Envestnet has acquired fintech startup Harvest Savings & Wealth Technologies for an undisclosed sum.
The acquired company offers automated goals-based saving tools and wealth solutions to banks, credit unions, trust companies, and other financial institutions.
Envestnet president Stuart DePina noted that the acquisition optimises the company’s API-based financial wellness ecosystem.
DePina said: “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.”
Harvest’s platform is designed to integrate retail and wealth offerings of the banks. Its goals-based savings technology enables clients to digitally engage customers.
Additionally, it is said to automate customers’ savings while allowing banks to hold onto their deposits.
The account opening tools developed by Harvest allow clients and end-investor customers to open accounts, across savings, wealth, and trust systems, with automated forms and processes.
Envestnet will adapt this offering and will make it available to the customers of its financial wellness platform.
Harvest Savings & Wealth Technologies CEO Drew Sievers said: “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.”
Envestnet head of strategic development Dani Fava said: “It is no secret that the US has a savings problem, as a recent Bankrate survey found that fewer than four in 10 Americans had enough savings to cover the cost for even a four-figure car repair bill.
“Through this acquisition, our technology can now help reverse the tide, while enabling banks and credit unions to evolve and keep pace with the ongoing fintech disruption in the industry as we incubate tomorrow’s advisory clients.”
Last month, Envestnet acquired financial planning technology solutions from Apprise Labs to bolster client portal experience.