KEYCORP /NEW/ acquired HelloWallet Holdings, Inc., a transaction completed in July 2017, structured as all cash. The deal was a Carve-out.
HelloWallet Holdings, Inc. operates in Consumer Bank / digital financial wellness, is based in Washington, D.C. and Chicago, Illinois. On July 1, 2017, KeyBank acquired all of the outstanding capital stock of HelloWallet Holdings, Inc., the sole owner of HelloWallet, LLC, a digital financial wellness company, from Morningstar, Inc. HelloWallet's personal-finance software platform lets users gauge a financial wellness score and receive practical, user-friendly financial insights.
Key's retail banking franchise is leveraging HelloWallet's technology to provide data-driven insights to clients, allowing clients to better understand and improve their personal finances.
Award-winning financial-wellness platform that fit Key's strategy of embedding financial wellness across digital, branch and workplace channels. Folded into KeyBank's retail/community banking franchise; approximately 36 HelloWallet employees joined KeyBank, remaining based in Washington, D.C. and Chicago.
KeyBank is transforming our clients' banking experience by embedding financial wellness into every interaction, whether digitally, at the branch, or via telephone.Dennis Devine, Co-President, KeyBank Community Bank
KeyBank believes strongly in HelloWallet's potential and is able to give HelloWallet the level of focus and investment that it needs.Brock Johnson, Head of Global Retirement and Workplace, Morningstar, Inc.
Advisory firms were not disclosed for this transaction.