Bob Sullivan, the founder of fintech startup FinancialApps, is suing and seeking $100 million in damages from Envestnet Inc. for allegedly stealing proprietary technology and trade secrets, InvestmentNews reported.
The lawsuit claims Envestnet's Yodlee division engaged FinApps for a supposed strategic partnership in 2016 and licensed a technology for the creation of a platform to be called Risk Insight, according to the news outlet.
Yodlee, however, allegedly used the license deal to access FinApps' technology and develop its own platform. The complaint also claims that Yodlee struck third-party deals that allowed access to Risk Insight while downplaying the contribution of FinApps.
Representatives for both companies did not comment on the matter, InvestmentNews added.