HelloWallet Secures $3.6M Series A Financing from Grotech Ventures and Jean and Steve Case

by News Guy on May 12, 2010

HelloWallet Secures Series A Financing from Grotech Ventures and Jean and Steve Case.
$3.6M Investment Fuels Site Growth and Expansion to Consumer Market

Washington, D.C. — May 6, 2010 — HelloWallet, an independent personal finance website dedicated to helping people reach their financial goals, announced today that it has secured $3.6 million in Series A funding, led by Grotech Ventures along with an investment by Jean and Steve Case. The company, which launched in March 2010, already provides its service through partnerships with companies and other organizations that employ or serve more than 3.5 million people.

HelloWallet helps users track and proactively manage their personal finances. While other personal finance management solutions look backwards by focusing on spending history and trends, HelloWallet also looks forward to proactively uncover savings opportunities and potential threats for its members. Unlike many financial management sites, HelloWallet does not allow banks to advertise or promote products, so its trusted recommendations are not influenced by any business interests.

“This round of funding reaffirms the value and potential of our service and will allow us to accelerate the accessibility of HelloWallet across a broad spectrum of the US population,” says Matt Fellowes, CEO and Founder of HelloWallet and former Fellow at the Brookings Institution.

HelloWallet is also pledging to give a free subscription to one needy family for every five of the site’s paying members. According to Brookings Institution research, American families lose an estimated $100 billion annually due to avoidable financial missteps.

“A highly secure technology platform, supported by powerful proprietary analytics, provides an opportunity to deliver a low cost online solution to the eighty percent of Americans who do not have a financial advisor to guide them through their financial decision making,” adds Don Rainey, general partner of Grotech Ventures.

Since its formation in 2008, HelloWallet’s team of consumer finance experts have focused on developing a technology platform that enables the site to save the average consumer $600 per year. The product 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 enrolment date. The service is then able to make specific recommendations for the best approach to educational savings, on an individual basis.

About HelloWallet

HelloWallet is the most powerful online, independent financial guidance service in the United States. Its members are provided with customized financial plans, 24/7 personal money management and monitoring, and an individualized bank shopper service, which looks at more than 50,000 different financial products to find better prices for its members. HelloWallet also proactively identifies financial health threats and savings opportunities for its members, helping them avoid costly financial missteps and make sustainable improvements in their financial health.

HelloWallet is available directly to consumers as well as through our institutional partners, which collectively represent over 3.5 million people. Its commitment to democratize access to trustworthy, sophisticated financial guidance has been widely honored, including at the Clinton Global Initiative’s 2009 Annual Meeting. More information is available at www.hellowallet.com.

About Grotech Ventures

Founded in 1984, Grotech Ventures (www.grotech.com) is a leading early investor in high-potential technology companies. Grotech seeks investments in communications and IT infrastructure, software and services, and Internet and digital media. The firm focuses on the Mid-Atlantic and Southeast regions and other select geographies. Grotech continues to invest and add value throughout the growth of its portfolio companies. The firm has a strong combination of financial backing, industry relationships, and deep domain and operational expertise to accelerate growth. With approximately $1 billion under management in its seven funds, Grotech supports early-stage companies through investments starting at $500,000.

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