HelloWallet, a provider of personalised financial guidance, has secured $12m in Series B funding.
Chicago-based investment research group Morningstar invested $6.75m while DC-based investor TD Fund invested $4m. Existing investors and new investors also participated in the round, the company said.
Initially, Morningstar and HelloWallet said they plan to co-market their services to employers and 401 providers and in the future expect to further integrate their services.
HelloWallet said it plans to use its Series B funding to expand its client base.
“Retirement planning is not just about goal setting; it’s also about the day-to-day prioritizing and saving that it takes to achieve financial objectives,” said Brock Johnson, president of retirement solutions for Morningstar’s Investment Management division.
TD Fund General Partner Jim Pastoriza added, “HelloWallet’s financial guidance is based on a real understanding of what motivates people’s financial decisions, through its deep experience in behavioral economics.”
Brock Johnson, president of retirement solutions for Morningstar, and Jim Pastoriza, managing partner at TDF, will be joining HelloWallet’s board of directors as part of the deal. Other members include Carter McClelland, chairman of Union Square Advisors; Don Rainey, general partner at Grotech Ventures; Tige Savage, managing director at Revolution LLC; Revell Horsey, president at HelloWallet; and Matt Fellowes, chairman and CEO of HelloWallet.
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