HelloWallet, personal finance software, has raised $3.6 million in Series A funding, from Grotech Ventures and AOL co-founder Steve Case and his wife Jean. The company, which launched in March of this year, aims to bring professional financial advisors to the masses through partnerships with companies and organizations. Currently, HelloWallet reaches more than 3.5 million people.
Similar to Mint, HelloWallet helps users track and proactively manage their personal finances. 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.
HelloWallet partners with companies like Ernst & Young, to provide their users and clients with its online financial advisory. While HelloWallet costs around $5 per month, the startup is pledging to give a free subscription to one needy family for every five of the site’s paying members. And the company has caught to attention of President Bill Clinton, The Rockefeller Foundation and others.