Portland-based mobile app-maker Wallit, formerly known as Ourly, has received an additional $2.6 million in seed funding, bringing total outside investment in the company to $6.1 million.

Founded in 2016 to provide 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, the company said. It also recently moved its headquarters from York to Portland.

The $2.6 million round of seed funding was led by early stage investors BlueIO, Mendoza Ventures and BoxOne Ventures, along with unnamed private investors with participation from the Maine Technology Institute, Wallit said. The investment will be used 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.

“Wallit is fundamentally transforming the way the world connects to save, spend and send money,” CEO Mike Vien said in a news release. “Our recent success driving deposits for our banking partners demonstrates that rewarding consumer engagement programs can have a dramatic impact on revenues and growth.”

In April 2018, Wallit said investors had taken an interest in the Maine startup, which promises to use technology to teach financial responsibility to kids. The company said it had received a $3.4 million round of investment from a group of angel investors led by BlueIO, a Boston venture capital firm.

There are a variety of youth money-management apps on the market such as Bankaroo, iAllowance and PiggyBot. What’s different about the Wallit app is that it is designed to be integrated with financial institutions’ existing online banking platforms, Vien has said.


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