Leena Rao currently works as a writer for TechCrunch. She recently finished graduate school at the Medill School of Journalism at Northwestern University, where she studied business journalism and videography. From 2004 to 2007, she helped lead Congresswoman Carloyn Maloney???s community outreach and relations efforts in New York City. She graduated from Columbia University in 2003, where she was... ? Learn More
HelloWallet, a personal finance software, has raised $12 million in Series B funding from Morningstar and TD Fund. The startup previously raised $9 million in Series A funding, from Grotech Ventures and AOL co-founder Steve Case?s VC fund Revolution Ventures.
HelloWallet, which launched last year, helps users track and proactively manage their personal finances from both the web and mobile. But HelloWallet aims to be a full-service financial advisor, and looks forward to proactively uncover savings opportunities and potential threats for its members.
Additionally, HelloWallet does not allow banks to advertise or promote products, so its recommendations claim to be untouched by any business interests. The startup plans to use the fund to further product development and build out its businesses development team.
HelloWallet?s team of consumer finance experts have developed a platform that helps users set and reach specific financial short- and long-term goals for important life milestones including buying a home, saving for retirement, reducing debt safely, and saving for college.
For example, HelloWallet stores tuition information for nearly every college and university across the country, and models the tuition out to a users? expected enrollment date. The service is then able to make specific recommendations for the best approach to educational savings, on an individual basis.
The company has sold more than 300,000 subscriptions since it launched its enterprise application in mid-2011. During this same period, HelloWallet?s personalized financial guidance has helped its average members increase their monthly savings contributions by more than 80 percent, creating about $350 in extra savings contributions every month per person.
The new funding will be used to expand its client base.
HelloWallet is an independent, online financial guidance service for workers founded by former Brookings Institution scholar Matt Fellowes. HelloWallet is primarily distributed through Fortune 500 and other employers as a workplace benefit. HelloWallet helps workers improve their overall household finances by ???finding the money??? to boost their contributions to retirement savings and reduce debt. Retirement plan providers also provide the service to help workers improve their personal finances. HelloWallet???s independence comes from the fact that it receives no commissions...
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