KEYCORP /NEW/ acquires HelloWallet Holdings, Inc.
Snapshot
KEYCORP /NEW/ acquired HelloWallet Holdings, Inc. in July 2017. The transaction was structured as all cash. HelloWallet Holdings, Inc. is a Washington, D.C. and Chicago, Illinois-based Consumer Bank / digital financial wellness business.
- Acquirer
- KEYCORP /NEW/
- Target
- HelloWallet Holdings, Inc.
- Value
- (not disclosed)
- Date
- July 2017
- Type
- carve-out
- Status
- ready
The deal at a glance
About this deal
KEYCORP /NEW/ acquired HelloWallet Holdings, Inc., a transaction completed in July 2017, structured as all cash. The deal was a carve-out.
HelloWallet Holdings, Inc. operates in Consumer Bank / digital financial wellness, is based in Washington, D.C. and Chicago, Illinois. On July 1, 2017, KeyBank acquired all of the outstanding capital stock of HelloWallet Holdings, Inc., the sole owner of HelloWallet, LLC, a digital financial wellness company, from Morningstar, Inc. HelloWallet's personal-finance software platform lets users gauge a financial wellness score and receive practical, user-friendly financial insights.
Key's retail banking franchise is leveraging HelloWallet's technology to provide data-driven insights to clients, allowing clients to better understand and improve their personal finances.
Award-winning financial-wellness platform that fit Key's strategy of embedding financial wellness across digital, branch and workplace channels. Folded into KeyBank's retail/community banking franchise; approximately 36 HelloWallet employees joined KeyBank, remaining based in Washington, D.C. and Chicago.
No advisory firms have been disclosed for this transaction.