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Grotech exits HelloWallet investment to fellow backer Morningstar

2 Jun 2014

walletGrotech Ventures-backed online personal financial business HelloWallet has been bought by stakeholder Morningstar in a deal valuing the company at $52.5m.

Morningstar already held a stake worth $13.5m, and will pay $39m to close the deal in the next few days.

Chicago-based Morningstar invested $6.75m in HelloWallet through a Series B funding round in January 2012, with TD Fund investing $4m.

HelloWallet attempts to combine behavioural economics and the psychology of decision-making with sophisticated technology to provide personalised, unbiased financial guidance to more than one million US workers and their families through their employer benefit plans.

AOL founder Steve Case was also a backer of the business.

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