Personal finance site HelloWallet raises $3.6m

Personal finance site HelloWallet raises $3.6m

US personal finance site HelloWallet has raised $3.6 million in a series a funding round led by Grotech Ventures and joined by AOL co-founder Steve Case and his wife Jean.

Launched in March, HelloWallet helps users track and manage their money. However, it claims that while other personal finance management sites look backwards by focusing on spending history and trends, it looks forward to proactively uncover savings opportunities and potential threats.

The site's individualised bank shopper service looks at more than 50,000 different financial products to find the best prices, with no bank advertising to hit impartiality.

The firm claims that since forming in 2008, its 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 service costs around $5 a month, although HelloWallet says it will give a free subscription to one "needy family" for every five paying members. It's already available to more than 3.5 million people through partnerships with companies and other firms.

Explaining the investment, Don Rainey, general partner of Grotech Ventures, says: "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."

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