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Yodlee Scores Northwest Mutual as a Client

JJ HornblassbyJJ Hornblass
May 8, 2015
in All Posts
Reading Time: 2 mins read
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© Can Stock Photo Inc. / cirkogluYodlee has secured a client agreement with The Northwest Mutual Life Insurance Co., the company disclosed yesterday.

Northwest Mutual is a notable win, considering the insurance company’s $26.7 billion of total revenue in 2014.

Anil Arora, Yodlee’s CEO, told investors yesterday that Yodlee has “recently launched both the Yodlee wealth management solution and data aggregation services with Northwestern Mutual,” calling the deal a “great example of a new customer deployment. The wealth management solution lets Northwest Mutual reps develop financial plans for their customers, who “gain an enhanced view of their finances and the ability to manage their accounts all in one place.”

Despite Northwest Mutual, Arora was asked pointblank about any “notable customer wins” last quarter, and the quality of the company’s pipeline for data analytics solutions. Suffice it to say, Arora gave no concrete answer to either question, which, to our minds, puts the Northwest Mutual deal in context.

The Northwest Mutual sale comes as Yodlee continues to lose money, even as it grew its revenue last quarter to $24.6 million, a 25% increase compared to the same quarter the year previous. The company said yesterday that it expects to either break even next quarter or record a loss per share of up to $0.02. Investors were expecting Yodlee to lose $0.01 per share in the second quarter.

Yodlee, which mainly leverages its access to financial data, disclosed that it ended last quarter with 850 total customers. The company also announced that it was launching Ynext Data, a new product that sells financial transaction data to retailers.

“It’s a very, very cool product and we expect that it will be well-received by a bunch of different potential customer groups obviously retailers, but also FIs and other different segments, as well, so you can expect that we will be up and running with the service fairly quickly,” Arora said. “It’s a new area for us, so we’ll find out exactly how long the sales cycles are by our next goal.”

Yodlee went public last fall. The company’s stock [ticker: YDLE] climbed 0.7% to $13.00 per share yesterday.

Tags: data aggregationearningsPFMSales & MarketingYodlee
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