HelloWallet, an online financial guidance company, recently partnered with employee benefits providers that serve more than 7 million workers in the United States. Since launching in May, the company now has over 200,000 memberships sold to Fortune 500 enterprise customers.
HelloWallet’s application helps workers manage their financial life and provides personalized financial guidance to help its members save money and pay down debt. HelloWallet works with companies to offer their application as an employee-sponsored benefit.
According to HelloWallet, they have helped a Fortune 200 partner increase its average monthly savings contributions by more than $300 or almost $4,000 annually. They have also helped in improving the average take-up rates of its Fortune 500 employer partners.
“Using our personalized, research-informed approach to guidance, we help workers of all backgrounds improve their financial behavior and find the money to build savings,” HelloWallet Founder and CEO Matt Fellowes said.
“Being able to increase savings contributions is an incredible value proposition for companies that are focused on making their retirement programs successful and improving workforce well-being.”
HelloWallet was founded by Fellowes in 2009 and has raised over $9 million in funding, led by Grotech Ventures and Revolution Ventures. It’s dabbling in an interesting space where enterprise and consumer initiatives align, creating a unique, goal-driven environment for HelloWallet to explore.
Aside from HelloWallet, Mint.com is another player in the personal finance management niche. They recently added a bill tracker and reminder feature, which tracks all the bills paid in the previous months and sends reminders of future bills to pay.
Meanwhile, BetterWorks provides a whole different way of giving perks to employees working in small companies. The company, which recently launched its service in the San Francisco Bay Area, works with businesses that have 2 to 1,500 employees.
BetterWorks gives small companies an easy way to reward and incentivize employees. They give these small businesses access to corporate rates on things like gyms and salons, which those businesses can then offer to their employees as perks. Gym memberships and the like are standard for large companies like Google, but startups don’t have the time or resources to deal with such things.
Companies that already signed up with BetterWorks includes Formspring, Chegg, Get Satisfaction, Dailybooth, and Klout to name a few. Hulu and ICM are some of the larger companies that they have work with.
The Santa Monica-based company was co-founded by Farmville co-creator Sizhao Yang. They have raised $8 million in Series A funding from Redpoint Ventures.