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HelloWallet

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HelloWallet
Company typePrivate
IndustrySoftware, Personal finance
Founded2009
FounderMatt Fellowes
HeadquartersWashington, DC
Area served
United States
Number of employees
60
Websitehttp://www.hellowallet.com/

HelloWallet is an online and mobile application for employees founded by former Brookings Institution scholar Matt Fellowes and based in Washington, DC.[1] It provides personalized financial guidance to members and relies on behavioral economics to strive workers to implement its advice.[2]

In May 2017, KeyBank acquired HelloWallet from Morningstar, Inc.[3][4][5]

Business model

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HelloWallet is primarily distributed through employers as a workplace benefit.[6][7] In January 2014, HelloWallet partnered with The Vanguard Group to provide guidance on managing debt, managing money, and heightening company benefits to Vanguard's plan participants.[8] Members track their spending, create goals, and receive guidance on saving for emergencies, retirement, and health expenses within the application.[9][10]

HelloWallet has a double bottom line mission: for every five memberships sold, the company gives one free subscription to an impoverished family through a partnership with a community organization.[11] The company's largest philanthropic partners are Goodwill[12] and Iraq and Afghanistan Veterans of America.[13]

HelloWallet relies on behavioral economics and a group of academic advisors from Dartmouth College, the RAND Corporation, George Washington University, Stanford University, University of Wisconsin–Madison, and the Brookings Institution.[14] In 2013, O'Reilly Media published the first book from HelloWallet Principal Scientist, Dr. Steve Wendel. In the book, Designing for Behavior Change, Dr. Wendel introduces the building blocks for how individuals can design, build, and test products that change behavior.[15]

Funding

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The company was created with support from the Rockefeller Foundation in 2009.[16] In 2010, it raised additional funds from AOL founder Steve Case, Jean Case, Grotech Ventures, and a group of private individuals.[17]

In January 2012, HelloWallet received $12 million in Series B funding, led by Chicago-based Morningstar, Inc. and DC-based TD Fund.[18][19][20]

References

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  1. ^ "HelloWallet ^ F275". HBR Store. Retrieved 2023-06-22.
  2. ^ "Top states for retirement? Surprisingly, not the Sun Belt". InvestmentNews. 2012-02-24. Retrieved 2023-06-22.
  3. ^ "KeyBank National Association to Acquire HelloWalletÂŽ from Morningstar, Inc., Accelerating KeyBank's Innovative Financial Wellness Commitment". www.prnewswire.com. Retrieved 2023-06-22.
  4. ^ Zacks, Publisher. "KeyCorp (KEY) Closes HelloWallet Purchase from Morningstar". www.nasdaq.com. Retrieved 2020-05-04.
  5. ^ Chowdhry, Amit. "Morningstar Acquires HelloWallet For $52.5 Million". Forbes. Retrieved 2020-05-04.
  6. ^ "Local software upstarts use employers to find consumers" The Washington Post Capital Business [1]
  7. ^ Overly, Steven (2011-05-15). "The Download: HelloWallet debuts its financial help software". Washington Post. ISSN 0190-8286. Retrieved 2023-06-22.
  8. ^ "Vanguard Announces Partnership with HelloWallet Financial Wellness Service". 2014-02-21. Archived from the original on 2014-02-21. Retrieved 2023-06-22.
  9. ^ "HelloWallet: An Easier Way to Save Money". Mashable. 2013-11-26. Retrieved 2023-06-22.
  10. ^ "HelloWallet keeps track of your money, raises $12M". VentureBeat. 2012-01-26. Retrieved 2023-06-22.
  11. ^ Shaivitz, Marla (2011-11-11). "Matt Fellowes on Transforming Personal Finance Through HelloWallet's Social Mission". Tech.co. Retrieved 2023-06-22.
  12. ^ "Goodwill and HelloWallet to Provide Financial Assistance to Enhance People's Lives" http://www.goodwill.org/press-releases/goodwill%C2%AE-and-hellowallet-to-provide-financial-assistance-to-enhance-people%E2%80%99s-lives/ Archived 2013-04-14 at archive.today
  13. ^ "HelloWallet Partners with Iraq and Afghanistan Veterans of America" http://iava.org/press-room/press-releases/hellowallet-partners-iraq-and-afghanistan-veterans-america Archived 2013-10-22 at the Wayback Machine
  14. ^ "HelloWallet Appoints Eight Leading Behavioral Economists and Researchers to Academic Advisory Board". www.businesswire.com. 2011-02-16. Retrieved 2023-06-22.
  15. ^ Overly, Steven (2014-02-02). "Innovator Interview: For HelloWallet's Steve Wendel, better business lies in science". Washington Post. ISSN 0190-8286. Retrieved 2023-06-22.
  16. ^ "HR's financial helping hand" HR Management http://www.hrmreport.com/news/hr-financial/
  17. ^ Rao, Leena (2010-05-06). "HelloWallet Nabs $3.6 Million From Steve Case And Grotech For Personal Finance Software". TechCrunch. Retrieved 2023-06-22.
  18. ^ "Morningstar Invests in Retirement Startup" Pensions & Investments http://www.pionline.com/article/20120206/PRINTSUB/302069989
  19. ^ "HelloWallet raises $12 million in Series B round" Washington Biz Journal http://www.bizjournals.com/washington/news/2012/01/26/hellowallet-raises-12-million.html?ana=twt
  20. ^ Chowdhry, Amit. "Morningstar Acquires HelloWallet For $52.5 Million". Forbes. Retrieved 2020-05-04.
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