Sandton-based AlphaCode, a fintech incubator has partnered with Envestnet | Yodlee to provide startups three months of production-level access to Envestnet | Yodlee APIs, developer forums and support services.
According to the deal, AlphaCode based startups will have acess to Envestnet | Yodlee’s data aggregation and account verification services, as well as access to FastLink to let them quickly link external bank accounts into a single dashboard, provide more affordable background checks for loan borrowers and banks.
According to Jason O’Shaughnessy, SVP of International Markets and Managing Director, EMEA at Envestnet | Yodlee, “The fintech landscape, combined with Africa’s entrepreneurial spirit, is driving innovation in Africa, with tools like M-Pesa becoming a part of everyday life.”
Jason added Envestnet | Yodlee is excited to support the development and evolution of financial services by providing access to data aggregation API for creation of next-gen financial solutions.
This comes at a time when mobile payments have grown enormously over the years in Africa. In 2014, the market generated US$656 million and is expected to double to US$1.3 billion in the next four years. Africa’s financial technology adoption rate for e-wallets is also three times faster compared to the United States.
With the deal, African fintech businesses are privileged to grow promising, impactful business models and even better and more innovative businesse according to Chipo Mushwana, Head of Ecosystem and Management at AlphaCode.