July 05, 2012 at 14:04 PM EDT
Mint Competitor HelloWallet Brings Its Personal Finance Service To Android
HelloWallet , the self-described Mint competitor which closed a $12 million Series B earlier this year, is now bringing its personal finance service to a second mobile platform: Android. Previously, available for web and iOS, the Android app will deliver the same sort of features iPhone users have access to, including budget details and the ability to view your cash balance, as well as HelloWallet's unique location-based spending guidance.
HelloWallet, the self-described Mint competitor which closed a $12 million Series B earlier this year, is now bringing its personal finance service to a second mobile platform: Android. Previously, available for web and iOS, the Android app will deliver the same sort of features iPhone users have access to, including budget details and the ability to view your cash balance, as well as HelloWallet’s unique location-based spending guidance.
This latter feature determines your current location using the smartphone’s GPS and then calculates how much you’ve left to spend in the budget category associated with that particular venue. Even better – or perhaps even more shocking, as the case may be – the app can also tell you how much you’ve historically spent at that location. (Wow, those lattés really add up, right?) The feature may help impulse shoppers cool their heels in advance of a major purchase, thanks to included charts that visually indicate how naughty you may have been in recent weeks.
But nifty location-based spending tracking isn’t the biggest differentiator between HelloWallet and other services, like Mint, for example, both of which assist users in achieving their financial goals. One of the most notable things about HelloWallet is that it doesn’t allow banks to advertise on its service. This allows the company to claim its recommendations are untainted by outside interests.
And another differentiator: HelloWallet’s business model. The startup is more focused on selling directly to enterprise, where companies then offer its service as an employee benefit. To date, HelloWallet has sold over 375,000 subscriptions – that’s up from 300,000 in January, we should note.
According to HelloWallet’s Justin Thorp, going mobile has been a great strategy for the startup, and they’ve found iPhone users to be far more engaged than web users. The average iPhone user logs in 25% more often than they do to the web app and HelloWallet’s most active users log into the iPhone app up to 64% more often, he says.
Also new, the company is announcing a change to the service which makes the 30-day free trial truly free – no credit card is needed until after the trial period is over. Then it’s $8.95/month.
In other company news, HelloWallet has added several new hires to round out its executive team recently, including VP of Product Michael Yoch (formerly director of product at NPR), VP of Marketing Rob Pinkerton (previously a senior director at Adobe), CFO Aaron Benway (a finance exec who came over from GM), and Senior Advisor for Public Sector Initiatives Trooper Sanders (a former Michelle Obama advisor).
The Android app is available now in Google Play here.
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