HelloWallet is picked up by KeyBank National Association

KeyBank National Association has acquired personal finance guidance platform HelloWallet from Morningstar. Financial terms were not disclosed.

Washington DC-based HelloWallet is a web and mobile platform offering guidance to help users improve financial wellness scores.

Morningstar initially invested in the company in 2012, contributing $6.75m to its Series B funding round.

The firm later acquired the company for $52.5m in 2014.

KeyBank Community Bank co-president Dennis Devine said, “KeyBank is transforming our clients’ banking experience by embedding financial wellness into every interaction, whether digitally, at the branch, or via telephone.

“We are committed to keeping our clients’ financial wellness at the core of our relationship with them.”

Prior to the deal KeyBank had been one of the company’s largest customers, with it being the biggest source of new users.

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