Warburg Pincus and Accel Partners, the international venture capital firm, have invested $20m (€20m) and $4m respectively in Yodlee, the California-based technology company that aggregates web-based data, despite the pervasive scepticism about technology investments.

Yodlee, whose line of business is sometimes described as "web-scraping", said it has more than 140 clients, including several financial institutions. Stewart Gross, a senior managing director with Warburg Pincus, said he saw significant opportunities for the company to grow. He said: "We believe Yodlee's technology has many applications beyond the company's core offering."