Mobile money firm raises US$12M
HelloWallet, a US provider of mobile and online-based personalised financial guidance, has raised US$12 million in series B funding from a number of investors led by Morningstar and TD Fund which supplied backing of US$6.75 million and US$4 million respectively. The balance of the US$12 million was smaller investments, some of which came from existing backers of the firm. HelloWallet’s approach is to offer its advice to employees of the largest, Fortune 1000 companies in the US. Its service focuses on persuading employees to save more and spend less money. It claims to have sold “more than 300,000 subscriptions” since the launch of its enterprise app in the middle of 2011.
Its service is available to iPhone users and an app will be released shortly for users of Android smartphones. Users with featurephone can still access HelloWallet through text messaging. The service can also be accessed through the firm’s website. The new funds will enable it to further expand its customer base. Morningstar is a leading provider of investment research and plans to co-market HelloWallet’s service. TD Fund is a venture capital fund.