Online financial service HelloWallet recently secured a second round of funding from investors. This new $12,000,000 in capital brings the total raised by the business since it started to about $20,000,000.
HelloWallet tracks financial information of users in a distinctive manner. The service focuses on savings and spending reduction. Users are given recommendations about deploying money wisely. HelloWallet delivers advice based upon ordinary day-to-day expenditures.
Topics addressed by the company’s application include debt reduction, budgeting, savings accumulation, and investing. HelloWallet utilizes statistical evaluation and behavioral psychology to boost saving habits. Customers manage their money by using the HelloWallet website or the company’s iPhone app. A test message system is also available for certain smartphones. Release of an Android application is anticipated in the coming weeks.
A leader in the new round of funding is investment analysis firm Morningstar, which will join with HelloWallet to render financial advice for participants in employer 401(k) plans. HelloWallet expects the capital infusion to build its team for delivering services to a growing number of customers. The company presently has 35 employees serving 350,000 subscribers.
HelloWallet management reports rapid customer growth. The company places great importance on the security of user data. Customer information is never sold and users are not solicited for purchase of specific banking products.
A subscription to HelloWallet costs about $9 per month. For every five paid subscriptions sold by the company, it donates one to a family wishing to subscribe but unable to afford the price. HelloWallet has plans to expand its donations of free subscriptions.