Envestnet has acquired fintech provider Harvest Savings & Wealth Technologies, which provides automated goals-based saving tools and wealth solutions to banks, credit unions, trust companies, and other financial institutions.
“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,” said Stuart DePina, president of Envestnet. “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.”
“At Harvest, we believe that every wealth account starts as a savings account,” said Drew Sievers, CEO of Harvest Savings & Wealth Technologies. “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.”
“The right financial advice and investment strategies can make a great difference for one’s financial future. However, the path to financial wellness begins with saving,” said Dani Fava, head of strategic development at Envestnet. “It is no secret that the U.S. 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.”