Wealth management tech giant Envestnet has acquired Harvest Savings & Wealth Technologies, a 7-year-old Bay Area-based fintech that offers savings and wealth solutions for banks and wealth management firms. Terms of the deal were not disclosed.

Why should we care?
Envestnet offers a suite of technology solutions for financial institutions and advisers, including wealth management software, along with data and analytics solutions. More than 106,000 advisors and more than 5,100 companies – including 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, and 500+ of the largest registered investment advisers and hundreds of internet services companies – use Envestnet technology and services. With Harvest Savings, Envestnet moves closer to its trajectory toward a 360-degree, financial technology product suite. “The age of the intelligent, connected financial life is what is next for our industry,” Envestnet CEO Bill Crager recently said. “Consumers will demand digital engagement … and a seamless flow between the things they are spending their money on and the investments they are making for their futures.” Harvest Savings’ offerings will act as a bridge between Envestnet’s banking and wealth management tech offerings, with its automated micro-savings and digital account-opening tools. “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,” Harvest Wealth CEO Drew Sievers said.