WealthTech startup Wellthi has secured funding from Virginia Venture Partners, the equity investment arm of the Virginia Innovation Partnership Corporation (VIPC).
Based in Arlington, Virginia, Wellthi is an embedded social finance software that is fundamentally revolutionising how wealth is built. By infusing community spirit into the process of financial growth, Wellthi’s innovative approach is set to redefine the landscape of mobile banking and social finance.
The exact amount raised has not been disclosed, but the backing from a prominent investor like VIPC is a testament to the potential Wellthi represents in the FinTech sphere.
Wellthi’s platform is revolutionising mobile banking by harnessing the power of community influence. It reduces customer acquisition costs while reaching a wider market of consumers through a more personalised banking experience. By connecting customers with banks and offering tailored advice, Wellthi’s app allows individuals to plan, set, and track financial and life goals alongside their friends, transforming the once solitary practice of banking into a collaborative and engaging journey.
This new influx of investment will be put to use to fuel Wellthi’s customer growth. With this monetary bolstering, Wellthi seeks to expand its reach and impact, enabling more people to take control of their financial future through the power of community-based wealth management.
Notably, Wellthi’s platform has been recognised for its groundbreaking approach, earning multiple industry awards and recognitions from organisations like the FDIC, Mastercard, Nerd Wallet, Discover, and the Independent Community Bankers of America. It combines social networking with payment solutions and online communities to attract new customers for banks and credit unions.
Wellthi CEO and co-founder Fonta Gilliam, said, “At Wellthi, we aim to make collaboration between banks and customers easier by providing a cost-efficient and effective way to provide personalised banking…We appreciate the support of VIPC’s Virginia Venture Partners – which goes beyond just this seed funding to include helpful guidance and access to their broad network of resources.”
This investment in Wellthi comes as part of the U.S. Treasury Department State Small Business Credit Initiative (SSBCI) Program and follows Virginia Venture Partners’ long history of backing innovative companies. Since its inception in 2005, Virginia Venture Partners has deployed $41.8m in capital across more than 275 portfolio companies.
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