Envestnet Acquires Harvest Savings & Wealth Technologies For Undisclosed Sum

Envestnet Inc ENV has acquired fintech innovator Harvest Savings & Wealth Technologies. The financial terms of the transaction were not disclosed.
Harvest provided automated goals-based saving tools and wealth solutions to banks, credit unions, trust companies, and other financial institutions. Its capabilities included automated micro-savings and digital account opening.
Harvest’s automated micro-saving technology delivered data to the bank or firm for the timely movement of the customer from a savings solution to the right wealth offering.
This acquisition will improve Envestnet’s API-based financial wellness ecosystem and enable its embedded finance pursuit, stated President Stuart DePina.
It will enable banks and credit unions to catch up with the ongoing fintech disruption, commented Envestnet Strategic Development Head Dani Fava.
Envestnet held $384.6 million in cash and equivalents as of Dec. 31, 2020.
Price action: ENV shares are trading 0.51% higher $74.41 on the last check Thursday.