HelloWallet

HelloWallet

Company type	Private (acquired by KeyBank in 2017)
Industry	Financial technology, Software as a service
Founded	2009 (2009) in Washington, D.C., United States
Founder	Matt Fellowes
Fate	Acquired by KeyBank in May 2017
Headquarters	Washington, D.C. , United States
Area served	United States
Products	Digital financial advice platform for employees
Parent	KeyBank (since 2017)
Website	www.hellowallet.com

HelloWallet is a digital platform accessible via web and mobile devices, designed for employees. Established in 2009 by former Brookings Institution researcher Matt Fellowes, the company is headquartered in Washington, DC. It delivers tailored financial advice by applying principles from behavioral economics to motivate users to implement its recommendations.

The firm has attracted media coverage for its SaaS solutions targeted at enterprises, with features in publications such as The Wall Street Journal, The Washington Post, Bloomberg Businessweek, Washington Business Journal, and Tech Crunch.

In May 2017, KeyBank acquired HelloWallet from Morningstar, Inc., thereby strengthening KeyBank's suite of financial wellness services.

Business model

HelloWallet primarily reaches users through employer-sponsored benefits programs. In January 2014, it collaborated with The Vanguard Group to provide participants of Vanguard’s plans with assistance in managing debt, budgeting, and optimizing workplace benefits. Users engage with the platform to monitor expenditures, establish financial objectives, and obtain guidance on preparing for emergencies, retirement, and healthcare costs.

The company operates under a double bottom line philosophy: for every five subscriptions sold, it donates one complimentary membership to a low-income household through partnerships with community organizations. Among its significant charitable partners are Goodwill and Iraq and Afghanistan Veterans of America.

HelloWallet’s methodology is rooted in behavioral economics, supported by a panel of academic advisors from institutions such as Dartmouth College, the RAND Corporation, George Washington University, Stanford University, University of Wisconsin–Madison, and the Brookings Institution. In 2013, Dr. Steve Wendel, HelloWallet’s Principal Scientist, authored Designing for Behavior Change, which details strategies for creating products that effectively influence user behavior.

Recognition

In 2013, HelloWallet earned several accolades including a Webby Award for Best Financial Services & Banking Website, a W3 Award recognizing Best Financial Services Website, and the Best In Biz Award for Enterprise Software Product of the Year.

During Financial Literacy Week in April 2013, executives from HelloWallet were invited to ring the opening bell at the New York Stock Exchange and took part in the NYSE Euronext Workplace Financial Fitness Forum.

ABC News featured HelloWallet in a 2010 article titled “Five Cool Start-ups To Keep an Eye On.” Founder and CEO Matt Fellowes received recognition as a The Huffington Post GameChanger in 2010 alongside prominent figures such as Steve Jobs and Paul Volcker. The company also participated in the 2009 Clinton Global Initiative and was highlighted by President Bill Clinton on the program hosted by Larry King as an example of innovative social entrepreneurship.

Funding

HelloWallet was founded in 2009 with initial backing from the Rockefeller Foundation. The following year, it raised $3.6 million from investors including AOL co-founder Steve Case, his wife Jean Case, Grotech Ventures, and other private investors.

In January 2012, the company secured $12 million through Series B financing led by Chicago-based Morningstar, Inc. along with DC-based TD Fund.

External links

• http://www.hellowallet.com