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
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
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
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
^
"HelloWallet ^ F275" . HBR Store . Retrieved 2023-06-22 .
^
"Top states for retirement? Surprisingly, not the Sun Belt" . InvestmentNews . 2012-02-24. Retrieved 2023-06-22 .
^
"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 .
^
"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 .
^
"Will HelloWallet Transform Online Financial Advice? - BusinessWeek" . 2009-10-03. Archived from
the original on 2009-10-03. Retrieved 2023-06-22 .
^
"Why HelloWallet is hiring at the speed of molasses" . www.bizjournals.com . Retrieved 2023-06-22 .
^ Perez, Sarah (2012-07-05).
"Mint Competitor HelloWallet Brings Its Personal Finance Service To Android" . TechCrunch . Retrieved 2023-06-22 .
^
"KeyBank National Association to Acquire HelloWallet® from Morningstar, Inc., Accelerating KeyBank's Innovative Financial Wellness Commitment" . www.prnewswire.com . Retrieved 2023-06-22 .
^ Zacks, Publisher.
"KeyCorp (KEY) Closes HelloWallet Purchase from Morningstar" . www.nasdaq.com . Retrieved 2020-05-04 .
^ Chowdhry, Amit.
"Morningstar Acquires HelloWallet For $52.5 Million" . Forbes . Retrieved 2020-05-04 .
^ "Local software upstarts use employers to find consumers" The Washington Post Capital Business
[1]
^ Overly, Steven (2011-05-15).
"The Download: HelloWallet debuts its financial help software" . Washington Post .
ISSN
0190-8286 . Retrieved 2023-06-22 .
^
"Vanguard Announces Partnership with HelloWallet Financial Wellness Service" . 2014-02-21. Archived from
the original on 2014-02-21. Retrieved 2023-06-22 .
^
"HelloWallet: An Easier Way to Save Money" . Mashable . 2013-11-26. Retrieved 2023-06-22 .
^
"HelloWallet keeps track of your money, raises $12M" . VentureBeat . 2012-01-26. Retrieved 2023-06-22 .
^ Shaivitz, Marla (2011-11-11).
"Matt Fellowes on Transforming Personal Finance Through HelloWallet's Social Mission" . Tech.co . Retrieved 2023-06-22 .
^ "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
^ "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
^
"HelloWallet Appoints Eight Leading Behavioral Economists and Researchers to Academic Advisory Board" . www.businesswire.com . 2011-02-16. Retrieved 2023-06-22 .
^ 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 .
^
"NEW Webby Gallery + Index" . NEW Webby Gallery + Index . Retrieved 2023-06-22 .
^
"Winners List" . w3 Awards . Retrieved 2023-06-22 .
^
"2013 winners: Product categories" . Best in Biz Awards . Retrieved 2023-06-22 .
^
Leading Public and Private Sector Experts Participate in Workplace Financial Fitness Forum at NYSE , retrieved 2023-06-22
^
"5 Cool Start-Ups to Keep an Eye On" . ABC News . Retrieved 2023-06-22 .
^
"Who Is The Ultimate Game Changer In Business?" . HuffPost . 2010-09-15. Retrieved 2023-06-22 .
^
"Will HelloWallet Transform Online Financial Advice?" Business Week
^ "HR's financial helping hand" HR Management
http://www.hrmreport.com/news/hr-financial/
^ Rao, Leena (2010-05-06).
"HelloWallet Nabs $3.6 Million From Steve Case And Grotech For Personal Finance Software" . TechCrunch . Retrieved 2023-06-22 .
^ "Morningstar Invests in Retirement Startup" Pensions & Investments
http://www.pionline.com/article/20120206/PRINTSUB/302069989
^ "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
^ Chowdhry, Amit.
"Morningstar Acquires HelloWallet For $52.5 Million" . Forbes . Retrieved 2020-05-04 .
External links