HelloWallet personal finance service launched on iPhone – TechCrunch
Mint competitor HelloWallet launches on the iPhone today, with an app that provides at-a-glance tips on spending, budget details, and your free cash balance.
As a business, HelloWallet aims to differentiate itself from Mint by functioning as a full-service financial advisor, in addition to being a personal finance tracker app. On mobile, this aspect of its service appears in the “Next Steps” section, which offers users personalized tips and advice.
However, the key differentiator of the mobile app is its location-based spend guidance feature. This displays how much you have left to spend in the budget category associated with a particular location.
While this is certainly a nifty trick to accessing your location via the smartphone’s GPS, the company primarily touts this unique feature, when in reality, it is access to historical data from this location that may be the key. most interesting added value. terms of location. After all, in Mint’s iPhone app you can also view your budgets by category, and it’s not that hard to figure out (without GPS), that if you buy dinner, it has to be deducted from the category ” restaurants ”, for example. Location-based assignment of categories simply simplifies this process.
What’s really interesting is seeing the historical spend bar graph for a location in HelloWallet, something that can give impulse shoppers a break before another big buy. Think about the benefit for gadget junkies (hum) who spend way too much at Best Buy or the Apple Store, for example. The graphic is that essential visual reminder to slow down.
There are also many other differences between Mint and HelloWallet, although they are not highlighted very well in the app. For example, while Mint focuses on tracking your money and then recommending related products and services from its partners, HelloWallet does not allow banks to advertise its service. It also places more emphasis on deleveraging users and increasing savings, especially those associated with employer-provided 401Ks. These financial management tools can be found in HelloWallet’s web app, as the mobile version is more narrowly focused on spending and budgets.
The distribution models for Mint and HelloWallet are also different. Mint is a service for consumers, but HelloWallet sells to corporate customers who offer HelloWallet as an employee-sponsored benefit. To date, the company has sold more than 300,000 memberships to its online service to its Fortune 500 employer partners. And for 5 subscriptions sold, HelloWallet is giving away one free membership to a family in need.
Since its inception in 2009, HelloWallet has raised over $ 9 million in funding, led by Grotech Ventures and Revolution Ventures.
Current HelloWallet customers can grab the new iPhone app from here.