Mint competitor HelloWallet brings personal finance service to Android – TechCrunch
HelloWallet, the self-proclaimed Mint competitor that 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 the web and iOS, the Android app will offer the same kind of features that iPhone users have access to, including budget details and the ability to view your cash balance, as well as tips from one-time expenses based on HelloWallet’s location.
This latter feature determines your current location using the smartphone’s GPS and then calculates how much you have left to spend in the budget category associated with that particular location. Better yet – or maybe even more shocking, as the case may be – the app can also tell you how much you’ve historically spent there. (Wow, those lattes really add up, don’t they?) The feature can help impulse shoppers calm down before a big purchase, thanks to the included graphics that visually indicate how mean you may have been in recent weeks.
But the smart location-based expense tracking isn’t the biggest differentiator between HelloWallet and other services, like Mint, for example, which both help users meet their financial goals. One of the most notable things about HelloWallet is that it doesn’t allow banks to advertise its service. This allows the company to claim that its recommendations are not tainted by outside interests.
And another differentiator: HelloWallet’s business model. The startup is focusing more on direct sales to businesses, where companies then offer its service as a benefit to employees. To date, HelloWallet has sold over 350,000 subscriptions, up from 300,000 in January, it should be noted.
According to Justin Thorp of HelloWallet, going mobile has been a great strategy for the startup, and they found iPhone users to be much more engaged than web users. The average iPhone user signs in 25% more often than the web app, and the most active HelloWallet users sign in to the iPhone app up to 64% more often, he says.
Also new, the company is announcing a change to the service that makes the 30-day free trial truly free – no credit card needed until after the trial period is over. Then it’s $ 8.95 / month.
In other company news, HelloWallet recently recruited several new hires to complement its leadership team, including VP of Product Michael Yoch (formerly Director of Product at NPR), VP of Marketing Rob Pinkerton. (formerly Senior Director at Adobe), CFO Aaron. Benway (a financial executive from GM) and senior adviser for public sector initiatives Trooper Sanders (a former adviser to Michelle Obama).
The Android app is now available on Google Play here.
Correction: The company initially told us it was 375,000 subscriptions. It’s actually 350,000 they’re saying now. This has been corrected.