KeyBank to Acquire Personal Finance Outfit HelloWallet

KeyBank to Acquire Personal Finance Outfit HelloWallet
01.06.2017 09:00 am

KeyBank to Acquire Personal Finance Outfit HelloWallet

M&A Deals

KeyCorp and Morningstar, Inc., today announced that they have entered into a definitive agreement for the acquisition by KeyBank of leading personal software platform HelloWallet from Morningstar, Inc. 

The acquisition is subject to customary closing conditions. Financial terms of the transaction were not disclosed.

The combined platform of Key Community Bank and HelloWallet integrates two companies with a commitment to Financial Wellness and to helping clients make more confident financial decisions.

Approximately 36 HelloWallet employees will join KeyBank. The employee teams will continue to be based in Washington, D.C., and Chicago.

KeyBank in 2015 established an exclusive relationship with HelloWallet that made KeyBank the only banking institution providing access to HelloWallet's award-winning personal finance platform. Since that time, hundreds of thousands of KeyBank clients have improved their financial wellness, using HelloWallet's digital tools to determine their personal financial wellness scores. Those scores provide practical, user-friendly insights that KeyBank then combines with personalized guidance from bankers to help clients improve their financial wellness scores.

This high-tech, high-touch combination has made a significant difference for KeyBank clients. KeyBank proprietary research shows using HelloWallet's digital tools boosted clients' financial confidence. Clients who followed up with regular financial wellness reviews with their personal banker stated they found high value in the personal reviews.

Through this strategic acquisition, KeyBank will be even better positioned to support clients, with every interaction driven by a deep understanding of each client's individual circumstances and goals.

"KeyBank is transforming our clients' banking experience by embedding financial wellness into every interaction, whether digitally, at the branch, or via telephone. We are committed to keeping our clients' financial wellness at the core of our relationship with them," said Dennis Devine, co-president, KeyBank Community Bank and head of Key Consumer and Business Banking segment.

"We are thrilled to bring the HelloWallet team to KeyBank so they can join us on our clients' journey toward financial wellness, one step at a time," Devine said.

"The decision to sell HelloWallet aligns with both Morningstar's and KeyBank's long-term strategy," said Brock Johnson, who heads up Morningstar's global retirement and workplace business. Morningstar has significantly enhanced its overall capability set since the acquisition of HelloWallet more than three years ago and we will continue to incorporate many of the financial wellness best practices into our broad-based solutions. As HelloWallet's largest customer, KeyBank was HelloWallet's single greatest source of new users and this agreement allows them to advance their mission even further," he said.

"We haven't changed our view on financial wellness, and we believe financial wellness is core to setting investors up for success. KeyBank believes strongly in HelloWallet's potential and is able to give HelloWallet the level of focus and investment that it needs to maintain a leadership position in a rapidly changing industry," he said. 

Related News

Venafi to Acquire Jetstack to Accelerate and Secure Digital Transformation

Venafi®, the inventor and leading provider of machine identity... Read more »

IHS Markit Acquires Catena Technologies

 IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, today announced the acquisition of Catena Technologies (Catena), a global regulatory... Read more »

Santander strengthens its international trade operations for SMEs with the completion of the investment in Ebury

Banco Santander announced today the completion of its purchase of a c.50.1% stake in Ebury, one of the best international payment, FX and international cash management... Read more »

Tenth Revolution Group Acquires Top AWS Solutions Provider, Rebura

Tenth Revolution Group, a global leader in cloud talent solutions, today announced the acquisition of Rebura, one of the UK’s fastest-growing Amazon Web Services (AWS)... Read more »

Auriga acquires the award-winning ATM cybersecurity solution Lookwise Device Manager from leading managed security services provider S21sec

Auriga, a leading supplier of technological solutions for the omnichannel banking and payments industries, announces the acquisition of Lookwise Device Manager (LDM), a modular... Read more »

TietoEVRY integration progressing as planned – employee consultations initiated to drive merger-related efficiencies

TietoEVRY is taking the next step in the integration to ensure its position as the leading digital services and software company in the Nordics. A unified organization... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel