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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 incentivize workers to implement its advice.[2]

The company has generated press attention for its SaaS enterprise products from sources including The Wall Street Journal,[3] The Washington Post,[4] Bloomberg Businessweek,[5] Washington Business Journal,[6] and Tech Crunch.[7]

In May 2017, KeyBank acquired HelloWallet from Morningstar, Inc.[8][9][10]

Business model

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HelloWallet is primarily distributed through employers as a workplace financial wellness benefit.[11][12] In January 2014, HelloWallet partnered with The Vanguard Group to provide guidance on managing debt, spending wisely, and maximizing company benefits to Vanguard's plan participants.[13] Members track their spending, create financial goals, and receive guidance on saving for emergencies, retirement, and health expenses within the application.[14][15]

HelloWallet has a double bottom line mission: for every five memberships sold, the company gives one free subscription to a family in need through a partnership with a community organization.[16] The company's largest philanthropic partners are Goodwill[17] and Iraq and Afghanistan Veterans of America.[18]

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.[19] 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 a framework for how individuals can design, build, and test products that successfully change behavior.[20]

Recognition

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In 2013, HelloWallet won a Webby Award for the Best Financial Services & Banking Website category,[21] a W3 Award for Best Financial Services Website,[22] and a Best In Biz Award for Enterprise Software Product of The Year.[23]

In April 2013, in celebration of Financial Literacy Week, the New York Stock Exchange invited executives from HelloWallet to ring the opening bell and participate in the NYSE Euronext Workplace Financial Fitness Forum.[24]

ABC News included HelloWallet in an article titled “Five Cool Start-ups To Keep an Eye on" in 2010.[25]

HelloWallet's founder and CEO, Matt Fellowes, was chosen in 2010 as a The Huffington Post GameChanger, along with Steve Jobs, Paul Volcker, Jeff Skoll, James Cameron, and 94 others.[26] The company was chosen in 2009 to participate in the Clinton Global Initiative and was singled out as an example of social innovation business by President Bill Clinton on Larry King.[27]

Funding

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The company was created with support from the Rockefeller Foundation in 2009.[28] In 2010, it raised additional funds from AOL founder Steve Case, Jean Case, Grotech Ventures, and a group of private individuals.[29]

In January 2012, HelloWallet received $12 million in Series B funding, led by Chicago-based Morningstar, Inc. and DC-based TD Fund.[30][31][32]

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. ^ "The Daily Start-Up: HelloWallet Will Have To Find Room For $12M". Wall Street Journal. 2012-01-27. ISSN 0099-9660. Retrieved 2023-06-22.
  4. ^ "As Washington's tech sector diversifies and matures, can it power a new local economy? - Washington Post". 2013-06-19. Archived from the original on 2013-06-19. Retrieved 2023-06-22.
  5. ^ "Will HelloWallet Transform Online Financial Advice? - BusinessWeek". 2009-10-03. Archived from the original on 2009-10-03. Retrieved 2023-06-22.
  6. ^ "Why HelloWallet is hiring at the speed of molasses". www.bizjournals.com. Retrieved 2023-06-22.
  7. ^ Perez, Sarah (2012-07-05). "Mint Competitor HelloWallet Brings Its Personal Finance Service To Android". TechCrunch. Retrieved 2023-06-22.
  8. ^ "KeyBank National Association to Acquire HelloWallet® from Morningstar, Inc., Accelerating KeyBank's Innovative Financial Wellness Commitment". www.prnewswire.com. Retrieved 2023-06-22.
  9. ^ Zacks, Publisher. "KeyCorp (KEY) Closes HelloWallet Purchase from Morningstar". www.nasdaq.com. Retrieved 2020-05-04.
  10. ^ Chowdhry, Amit. "Morningstar Acquires HelloWallet For $52.5 Million". Forbes. Retrieved 2020-05-04.
  11. ^ "Local software upstarts use employers to find consumers" The Washington Post Capital Business [1]
  12. ^ Overly, Steven (2011-05-15). "The Download: HelloWallet debuts its financial help software". Washington Post. ISSN 0190-8286. Retrieved 2023-06-22.
  13. ^ "Vanguard Announces Partnership with HelloWallet Financial Wellness Service". 2014-02-21. Archived from the original on 2014-02-21. Retrieved 2023-06-22.
  14. ^ "HelloWallet: An Easier Way to Save Money". Mashable. 2013-11-26. Retrieved 2023-06-22.
  15. ^ "HelloWallet keeps track of your money, raises $12M". VentureBeat. 2012-01-26. Retrieved 2023-06-22.
  16. ^ Shaivitz, Marla (2011-11-11). "Matt Fellowes on Transforming Personal Finance Through HelloWallet's Social Mission". Tech.co. Retrieved 2023-06-22.
  17. ^ "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
  18. ^ "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
  19. ^ "HelloWallet Appoints Eight Leading Behavioral Economists and Researchers to Academic Advisory Board". www.businesswire.com. 2011-02-16. Retrieved 2023-06-22.
  20. ^ 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.
  21. ^ "NEW Webby Gallery + Index". NEW Webby Gallery + Index. Retrieved 2023-06-22.
  22. ^ "Winners List". w3 Awards. Retrieved 2023-06-22.
  23. ^ "2013 winners: Product categories". Best in Biz Awards. Retrieved 2023-06-22.
  24. ^ Leading Public and Private Sector Experts Participate in Workplace Financial Fitness Forum at NYSE, retrieved 2023-06-22
  25. ^ "5 Cool Start-Ups to Keep an Eye On". ABC News. Retrieved 2023-06-22.
  26. ^ "Who Is The Ultimate Game Changer In Business?". HuffPost. 2010-09-15. Retrieved 2023-06-22.
  27. ^ "Will HelloWallet Transform Online Financial Advice?" Business Week
  28. ^ "HR's financial helping hand" HR Management http://www.hrmreport.com/news/hr-financial/
  29. ^ Rao, Leena (2010-05-06). "HelloWallet Nabs $3.6 Million From Steve Case And Grotech For Personal Finance Software". TechCrunch. Retrieved 2023-06-22.
  30. ^ "Morningstar Invests in Retirement Startup" Pensions & Investments http://www.pionline.com/article/20120206/PRINTSUB/302069989
  31. ^ "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
  32. ^ Chowdhry, Amit. "Morningstar Acquires HelloWallet For $52.5 Million". Forbes. Retrieved 2020-05-04.
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