HelloWallet

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HelloWallet
Private
Industry Software, Personal finance
Founded 2009
Founder Matt Fellowes
Headquarters Washington, DC
Area served
United States
Number of employees
60
Website http://www.hellowallet.com/

HelloWallet, wholly owned subsidiary of Morningstar, Inc., is a web and mobile application for employees, founded by former Brookings Institution scholar Matt Fellowes.[1] It provides independent and 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] BloombergBusinessweek,[5] Washington Business Journal,[6] and Tech Crunch.[7]

The company is based in Washington, DC and has offices in San Francisco CA.

Business Model[edit]

The service is primarily distributed through employers as a workplace financial wellness benefit.[8][9] 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.[10] Members track their spending, create financial goals, and receive guidance on saving for emergencies, retirement, and health expenses within the application.[11][12]

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.[13] The company's philanthropic largest partners are Goodwill.[14] and Iraq and Afghanistan Veterans of America.[15]

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.[16] 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.[17]

Recognition[edit]

In 2013, HelloWallet won a Webby Award for the Best Financial Services / Banking Website category,[18] a W3 Award for Best Financial Services Website,[19] and a Best In Biz Award for Enterprise Software Product of The Year.[20]

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.[21]

ABC News included HelloWallet in an article titled “Five Cool Start-ups To Keep an Eye on" in 2010.[22]

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.[23] 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.[24]

Funding[edit]

The company was created with support from the Rockefeller Foundation in 2009.[25] In 2010, it raised additional funds from AOL founder Steve Case, Jean Case, Grotech Ventures, and a group of private individuals.[26]

In January 2012, HelloWallet received $12 million in Series B funding, led by Chicago-based Morningstar, Inc. and DC-based TD Fund.[27][28]

References[edit]

  1. ^ "HelloWallet" Harvard Business Review http://hbr.org/product/hellowallet/an/F275-PDF-ENG
  2. ^ "Take This Paycheck and Allocate It" Investment News http://www.investmentnews.com/article/20120224/FREE/120229957
  3. ^ "HelloWallet Will Have to Find Room for $12M" The Wall Street Journal http://blogs.wsj.com/venturecapital/2012/01/27/the-daily-start-up-hellowallet-will-have-to-find-room-for-12m/
  4. ^ http://articles.washingtonpost.com/2012-08-12/business/35491622_1_technology-hub-technology-firms-local-economy
  5. ^ "Will HelloWallet Transform Online Financial Advice?" Businessweek http://www.businessweek.com/investor/content/sep2009/pi20090929_616550.htm
  6. ^ "Why HelloWallet is Hiring at the Speed of Molasses" Washington Business Journal http://www.bizjournals.com/washington/blog/techflash/2012/12/why-hellowallet-is-hiring-at-the-speed.html
  7. ^ "Mint Competitor HelloWallet Brings its Personal Finance Service to Android" Tech Crunch http://techcrunch.com/2012/07/05/mint-competitor-hellowallet-brings-its-personal-finance-service-to-android/
  8. ^ "Local software upstarts use employers to find consumers" The Washington Post Capital Business http://articles.washingtonpost.com/2011-10-30/business/35279395_1_employee-benefits-shub-debgupta-cost-savings
  9. ^ "The Download: HelloWallet debuts its financial help software" The Washington Post Capital Business http://www.washingtonpost.com/business/capitalbusiness/the-download-hellowallet-debuts-its-financial-help-software/2011/05/11/AFVKJK4G_story.html
  10. ^ "Vanguard Announces Partnership with HelloWallet Financial Wellness Service" Vanguard News & Views https://pressroom.vanguard.com/press_release/Vanguard_Announces_Partnership_with_HelloWallet_Financial_Wellness_Service_01.22.2014.html/
  11. ^ "HelloWallet: An Easier Way to Save Money" Mashable http://mashable.com/2013/11/26/hellowallet/
  12. ^ "HelloWallet Keeps Track of Your Money, Raises $12M" Venture Beat http://venturebeat.com/2012/01/26/hellowallet-12m/
  13. ^ "Matt Fellowes on Transforming Personal Finance Through HelloWallet's Social Mission" Tech Cocktail http://tech.co/matt-fellowes-hellowallet-2011-11
  14. ^ "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/
  15. ^ "HelloWallet Partners with Iraq and Afghanistan Veterans of America" http://iava.org/press-room/press-releases/hellowallet-partners-iraq-and-afghanistan-veterans-america
  16. ^ "HelloWallet Appoints Eight Leading Behavioral Economists and Researchers to Academic Advisory Board" Business Wire http://www.businesswire.com/news/home/20110216005851/en/HelloWallet-Appoints-Leading-Behavioral-Economists-Researchers-Academic
  17. ^ "Innovator Interview: For HelloWallet’s Steve Wendel, better business lies in science" The Washington Post http://www.washingtonpost.com/business/capitalbusiness/innovator-interview-for-hellowallets-steve-wendel-better-business-lies-in-science/2014/01/31/ad0968e8-734f-11e3-8def-a33011492df2_story.html
  18. ^ "Best Financial Services/ Banking Website" The Webby Awards http://winners.webbyawards.com/2013/web/general-website/financial-servicesbanking
  19. ^ "2013 W3 Award Winners" The W3 Awards https://www.w3award.com/winners/list/?l=H&event=8&category&award=G
  20. ^ "2013 Winners: Product Categories" BestInBiz Awards http://www.bestinbizawards.com/2013-winners-product/
  21. ^ "Leading Public and Private Sector Experts Participate in Financial Fitness Forum" https://www.youtube.com/watch?feature=player_embedded&v=pexdDORIpuc
  22. ^ "5 Cool Startups to Keep an Eye on" ABC News http://abcnews.go.com/Business/SmallBiz/small-business-start-ups-poised-make-big/story?id=11118002&page=2#.T0veFnJST80
  23. ^ "Who Is The Ultimate Game Changer In Business?" The Huffington Post http://www.huffingtonpost.com/2010/09/15/who-is-the-ultimate-game-_10_n_703656.html#s125184&title=Matt_Fellowes
  24. ^ "Will HelloWallet Transform Online Financial Advice?" Business Week http://www.businessweek.com/investor/content/sep2009/pi20090929_616550.htm
  25. ^ "HR's financial helping hand" HR Management http://www.hrmreport.com/news/hr-financial/
  26. ^ "HelloWallet Nabs $3.6 Million From Steve Case And Grotech For Personal Finance Software" TechCrunch http://techcrunch.com/2010/05/06/hellowallet-nabs-3-6-million-from-steve-case-and-grostech-for-personal-finance-software/
  27. ^ "Morningstar Invests in Retirement Startup" Pensions & Investments http://www.pionline.com/article/20120206/PRINTSUB/302069989
  28. ^ "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

External links[edit]