Savings and rewards app Ourly rebrands as Wallit with $2.6 million in funding

Ourly, a free rewards-based savings app for families that empowers teens and their parents to manage money better with an easy way to earn cash rewards on their everyday saving and spending, today announced its rebranding as Wallit.

The Portland, Maine-based startup also raised $2.6 million in seed round funding to expand its core product, drive the company’s sales and marketing initiatives and increase channel partnerships given the rapidly growing demand from regional and community banks and credit unions. The round was led by early-stage FinTech investors BlueIO, Mendoza Ventures and BoxOne Ventures, and unnamed private investors with participation from the Maine Technology Institute.

Founded as Ourly in 2016 as one of the first mobile banking apps for teens, Wallit’s comprehensive rebrand includes a new platform, a new team and fresh venture capital funding to continue its growth path. As the first reward-based savings solution for parents and teens, Wallit combines key features and benefits of checking, savings, and debit cards into one easy-to-use account.

Wallit’s app connects to any bank or credit union in the United States and includes a bank-issued spending card from its banking partners, which enables users to send and receive money instantly, shop online or in-store, and to receive moment-based cash rewards when achieving savings and spending goals. Wallit currently has more than 20,000 monthly active users (MAUs). Unlike traditional consumer finance solutions, Wallit is free to all users.

Wallit also partners with leading banks, credit unions and other financial service organizations that are looking to reach Millennial and Gen Z customers by offering rewards for real-world achievements, such as completing savings goals or items on a to-do list.

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. Wallit is also backed by leading Boston-based venture capital firms BlueIO, Mendoza Ventures and BoxOne Ventures, with financing through a partnership with the Maine Technology Institute (MTI) and the Finance Authority of Maine (FAME).

By offering clients a secure, SaaS-delivered consumer engagement platform and savings app that makes it easy for families with teens to manage money and earn cash rewards for everyday saving and spending, Wallit aligns the interests of consumers, banks and credit unions, brands and retailers by linking moments of real world achievement with real rewards.

“Wallit is fundamentally transforming the way the world connects to save, spend, and send money,” said Wallit CEO Mike 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. Not only does Wallit allow banks and credit unions to drive deposits directly, but it also allows them to drive purchases and increase loyalty. Wallit builds loyalty through enhanced mobile engagement and also allows marketing professionals to drive and measure saving and spending at the household level.”