HelloWallet


Overview

Website: hellowallet.com
Twitter: @HelloWallet
Facebook: HelloWallet
Founder: Matt Fellowes

HelloWallet is personal finance software that employers and employees use to determine compensation and benefits.  The company then gives tailored financial guidance to employees based on that information.[9] In addition to Personal Financial Management and financial planning, HelloWallet provides a system to aggregate users' financial accounts, and an application to help users find better financial products. [1] The company sells website subscriptions to Fortune 1000 companies, which offer it as a benefit to their employees. For every five paid subscriptions the company sells, it gives one free subscription to a low-income individual or family. [3] With HelloWallet, users set specific short and long-term financial goals for X, including buying a house, retirement, debt reduction, and saving for college. [5]

History

Headquartered in Washington D.C., HelloWallet was founded in March of 2009 by Matt Fellowes, a Brookings Institution Scholar. His mission was to increase the wealth of employees, and help Americans achieve their full financial potential. In 2013, Best in Biz Awards placed HelloWallet in the Bronze level for 'Enterprise Product of the Year- Software.' [4] Also in 2013, HelloWallet was a Webby Award Winner for Financial Services/Banking and took home the Gold award for the 'Financial Services' Category from W3.  The company partnered with Vanguard in January of 2014 to provide additional personalized financial guidance, beyond Vanguard's current offerings. [9] In May of 2014, HelloWallet was acquired by Morningstar Inc., an independent investment research company, for $52.5 million, with Matt Fellowes remaining in a leadership role. [8] In December of 2014, HelloWallet won the Technology Category for InTheCapital's 50 on Fire Awards. [10]

Funding rounds

Funding RoundPaper AmountDateInvestors
Series BJanuary 26, 2012$12MTDF Ventures, Morningstar, Revolution LLC, Grotech Ventures
Series AMay 6, 2010$3.6MRevolution LLC, Grotech Ventures
Seed2009$?Rockefeller Foundation
[4]

Awards

CompetitionDateAward
Best in BizNovember 2013Bronze Enterprise Software Product of The Year
International Academy of Digital Arts and SciencesMay 2013Webby Award - Best Financial Services/Banking Website
International Academy of Visual Arts October 2013Gold W3 Award - Best Financial Services Website
[5]

References

  1. Debra Schifrin and John Beshears"HelloWallet" Harvard Business Review February 10, 2011

  2. "Take This Paycheck and Allocate It" Investment News 

  3. "HelloWallet Will Have to Find Room for $12M" The Wall Street Journal January 27, 2012

  4. "2013 winners: Product categories" Best in Biz Awards November 3, 2013

  5. Leena Rao "HelloWallet Nabs $3.6 Million From Steve Case And Grotech For Personal Finance Software" TechCrunch May 6, 2010

  6. "2013 W3 Awards of Gold Winners" W3 Awards May 2013

  7. "The Webby Awards Gallery + Archive" Webby Awards October 2013

  8. Reid Snyder "Oh, Hello There: HelloWallet Acquired by Morningstar for $52.5M" DCInno May 29, 2014

  9. Eric Hal Schwartz "HelloWallet Partners with Vanguard" DCInno January 23, 2014

  10. Announcing the 2014 Winners of InTheCapital's 2nd 50 on Fire Awards PRNewswire December 5, 2014