HelloWallet

HelloWallet operated as a provider of online and mobile financial wellness applications, founded in 2009 by Matt Fellowes. Fellowes, a former Brookings Institution scholar with a Ph.D. in political science, leveraged his research on consumer finance, household debt, and retirement planning to create the company. His journey began after observing that traditional policy-making was insufficient to protect ordinary people from predatory lending and to encourage better financial habits. This led him to establish HelloWallet, initially supported by a grant from the Rockefeller Foundation and later funded by investors like AOL founder Steve Case.

The company's core business was providing personalized financial guidance to employees as a workplace benefit, functioning on a Software-as-a-Service (SaaS) model. Employers would subscribe to the service, offering it to their employees to help them manage their money, track spending, and plan for goals such as retirement and healthcare expenses. HelloWallet's platform distinguished itself by being independent, meaning it did not accept referral fees from financial institutions, ensuring unbiased advice. The application utilized behavioral economics and data analytics to deliver personalized recommendations, analyze spending trends, and identify savings opportunities. Users could link various financial accounts, including bank accounts, credit cards, and retirement plans, for a holistic view of their finances. The platform also featured tools like a bank shopper service that searched through numerous products to find better deals for its members.

A significant milestone in HelloWallet's history was its acquisition by Morningstar, Inc. in May 2014 for $52.5 million. This move was intended to merge HelloWallet's financial wellness expertise with Morningstar's investment research to create a comprehensive retirement solution. Following the acquisition, Fellowes served as Chief Innovation Officer at Morningstar. In May 2017, KeyBank acquired HelloWallet from Morningstar, a decision that followed a successful partnership where KeyBank was the exclusive banking partner for the platform. Keywords: financial wellness, personal finance management, employee benefits, retirement planning, financial guidance, behavioral economics, SaaS, Matt Fellowes, Morningstar acquisition, KeyBank acquisition, debt management, savings goals, budgeting tool, financial technology, workplace financial wellness, consumer finance, investment research, mobile finance application, spending tracker, financial planning software