HelloWallet users that input bank information, credit cards, retirement plan information and employee benefits will receive financial guidance for those accounts. HelloWallet discovers savings opportunities for its users and can be used for setting goals like buying a home or car. HelloWallet tells each specific user how much they can afford to save for retirement and where to find that money. The company also warns workers if they are accumulating debt faster than saving for retirement. Around 65% of users have reduced banking fees after gaining financial insight from HelloWallet's platform.
Using the HelloWallet mobile app, users can check out budget information, cash balances, and location-based spending details. It uses the GPS on the phone to determine how much you have left to spend at a venue based on budgeting for that category.
HelloWallet generates revenue by selling subscriptions to companies as an employee benefit. HelloWallet has offered guidance to over 1 million U.S. workers and families thus far.
Some of HelloWallet's customers include
"We're thrilled to become part of Morningstar, where we will be able to continue to grow our business and offer a total financial wellness and retirement solution for employers and their workers," said Fellowes in a statement. Morningstar currently offers managed retirement accounts to around 1 million individuals through advisory subsidiaries.
Founded in 2009 by Matt Fellowes, HelloWallet raised $3.6 million in Series A funding from Grotech Ventures and Revolution LLC in May 2010. This was followed by $12 million in Series B funding from Morningstar and TD Fund in January 2012.
HelloWallet has 50 employees in Washington D.C. and Morningstar plans to hire the whole team. The HelloWallet team is expected to maintain its office in D.C. and will hire more employees.Have you used HelloWallet or Morningstar before? What do you think of the services? Let us know in the comments below.
