Wallit Raises USD 2.6 Million in Seed Funding

By StartUp City | Tuesday, October 08, 2019

Wallit is a rewards-based savings app for families with teens that rewards users when they save and spend money. The app is capable of connecting to any bank or credit union within the United States and includes a bank-issued spending card from its banking partners

Fremont, CA: Portland-based Wallit raised USD 2.6 million in its seed round funding led by early-stage FinTech investors BlueIQ, Mendoza Ventures, BoxOne Ventures, and unnamed private investors with participation from the Maine Technology Institute. The investment will be used towards expanding the core product, driving the company's sales and marketing initiatives, and increasing channel partnerships.

Wallit is a rewards-based savings app for families with teens that rewards users when they save and spend money. The company, which was founded as Ourly in 2016, was rebranded with a new platform, new team, and fresh venture capital funding to fuel its growth. Wallit combines key features like checking, savings, and debit cards into a single easy to use the account. The app is capable of connecting to any bank or credit union within the United States and includes a bank-issued spending card from its banking partners.

This enables users to send and receive money instantly, shop online or in-store, and to receive moment-based cash rewards when achieving savings and spending goals. Wallit partners with banks, credit unions, and other financial service organizations that are looking to reach out to Millennial and Gen Z customers with higher targeted user engagement to increase deposits and spending, at the same time building closer connections and loyalty to new and existing consumers.

"Wallit is fundamentally transforming the way the world connects to save, spend, and send money," said Wallit CEO Mike Vien. "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."

By offering clients a secure, SaaS-delivered consumer engagement platform and savings app that makes it easy for families with teens to manage money and earn cash rewards for everyday saving and spending, Wallit aligns the interests of consumers, banks and credit unions, brands and retailers by linking moments of real-world achievement with real rewards. Unlike traditional apps, Wallit is free to all its users, and it currently has over 20,000 monthly active users.

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