Anil Anora resigns from Investnet board on same day his new company gets backing in mind-blowing valuation
Former Yodlee CEO quit his leadership role at the Chicago-based contractor some time ago, but TIFIN is booming
Anil Arora resigned as a director of Investnet, effective October 28, the same day his new company, TIFIN, had an exceptionally good day.
âAnil’s knowledge and experience with FinTech companies has been a valuable resource for our board of directors,â said Bill Crager, CEO of Envestnet, in a statement.
Anora, the former CEO of Yodlee – both before and after Envestnet bought it – gave his advice to the Chicago tech and product supermarket virtually as his new company in Boulder, Colo., Announced that ‘She had raised $ 45 million at a staggering valuation of $ 447 million. .
It also leaves Envestnet at a high valuation, $ 4.55 billion at market close on Friday with shares at $ 83.50, just a shade from their all-time high.
TIFIN’s main holding was 55ip, which he sold to JPMorgan in a rapid turnaround last April, which may have inflated his account.
Arora is a senior partner and board member of TIFIN and he was invaluable to Envestnet during his time there, according to former Investnet board member Chip Roame, managing director of Tiburon Strategic Advisors.
âI think Anil has added tons of value to ENV’s board of directors,â he says. “He was the most data-driven board member (at the heart of ENV’s future) and the board member with the best sense of the broader FinTech market beyond WealthTech. (a market where Yodlee had deeper roots than ENV)â¦ “
Prior to its sale, Chicago-based Envestnet was Totum’s largest funder. He funded the company in 2015, shortly after Totum was founded, through its Yodlee incubator to the tune of $ 3.5 million in a “no equity investment”.
A mix of brokerage representatives, asset managers and RIA advisors already administer a cumulative $ 500 billion using software owned by TIFIN, which is “designed to develop, not manage or manage the business. ‘activity of an advisor,’ CEO Tifin Nair told RIABiz in April, via email.
Yodlee has been both the sizzle and the sparkle of Investnet over the years since its acquisition in 2015. The bad news is that it mostly operates in the red as a stand-alone unit.
Arora was President and CEO of Yodlee, Inc. from February 2000 and became Vice President and CEO of Investnet | Yodlee in November 2015 during the acquisition of Yodlee by Envestnet.
Arora stepped down from his management position effective March 1, 2019, but remained a director of Investnet.