HelloWallet receives new investment of $12 million

HelloWallet receives new investment

HelloWallet, a technology-based, personal finance advisory company, is hoping to expand its business and accelerate growth having secured $12 million of round two funding led by Chicago-based investment research provider Morningstar and DC-based venture capital firm TD Fund (TDF). $6.75 million of investment came from Morningstar whilst TD Fund contributed $4 million. As a result of the deal, HelloWallet and Morningstar will initially co-market their services to employers and providers with the intention of integrating the two businesses further in the future. The deal comes at a time of considerable growth for HelloWallet which claims to have sold more than 300,000 subscriptions since the launch of its enterprise application in mid-2011.

HelloWallet’s technology runs off a platform, available online and on smartphone devices, which assesses and analyses consumers’ behavioral patterns and provides personalised tips to improve their financial situation over time. Advice includes savings recommendations, automated analyses of spending and alerts of financial threats and opportunities. HelloWallet will be using the new investment to further expand its client base such as connecting with the 20 million workers using Morningstar’s retirement advisory services.

HelloWallet, founded in 2008, raised $3.6 million in first round funding from Grotech Ventures and AOL founders Jean and Steve Case in May 2010. The company charges from $8.95 a month for its personalized finance service.                

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