Wallit, a rewards-savings app aimed towards teenagers, has collected $2.6m in a seed funding round which will help it keep up with rising demand.
BlueIO, Mendoza Ventures and BoxOne Ventures, and a number of other unnamed private investors, led the round. Participation also came from the Maine Technology Institute.
Capital from the round will be used to expand its core product, bolster the company sales and marketing initiatives, and boost channel partnerships after increased demand from regional and community banks, and credit unions.
Founded in 2016 as Ourly, the rebranded company was one of the first mobile banking apps aimed towards teenagers.
Its reward-based savings solution offers teenagers the benefits of a checking account, savings, and a debit card. The app connects to any bank or credit union in the US and includes a bank-issued spending card from its banking partners.
Users can send and receive money instantly, shop online or in-store, and receive moment-based cash rewards when achieving savings and spending goals.
Wallit partners with banks, credit unions, and other financial service organizations which are looking to reach more millennial and Gen Z customers.
The company currently has more than 20,000 monthly active users and is free to all users.
Wallit CEO Mike Vien said, “Wallit is fundamentally transforming the way the world connects to save, spend, and send money. Our recent success driving deposits for our banking partners demonstrates that rewarding consumer engagement programs can have a dramatic impact on revenues and growth.
?Not only does Wallit allow banks and credit unions to drive deposits directly, but it also allows them to drive purchases and increase loyalty. Wallit builds loyalty through enhanced mobile engagement and also allows marketing professionals to drive and measure saving and spending at the household level.”
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