Portland banking app developer gets $2.6M in seed funding, rebrands
A Portland developer of a free mobile banking app has raised $2.6 million in seed-round funding and is changing its name.
Founded as Ourly in 2016, the company is now known as Wallit, according to a news release Monday. The seed funding is coming from Boston-based venture capital firms BlueIO, Mendoza Ventures and BoxOne Ventures, along with undisclosed investors in partnership with the Maine Technology Institute and the Finance Authority of Maine.
Wallit will use the investment to build out its core product, expand sales and marketing initiatives and increase channel partnerships, according to the release.
Wallit said the app is the first reward-based savings solution for parents and teens, and combines key features of checking, savings, and debit cards into one account. The app connects to any bank or credit union in the United States and includes a bank-issued spending card.
The company said it already has over 20,000 active users each month.
Wallit is led by former Fidelity Investments executive Mike Vien, who has recruited a new management team, bringing on Chief Technology Officer Chris Williams, Vice President of Product Ani Malkani, and Vice President of Operations Allyson Ray, the release said.
"Wallit is fundamentally transforming the way the world connects to save, spend, and send money," said 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."
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