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§ Private Profile · Westbrook, ME, USA
Wallit is a company.
Wallit has raised $3.8M across 2 funding rounds.
Key people at Wallit.
Wallit has raised $3.8M in total across 2 funding rounds.
Wallit delivers a cloud-based benefits commerce management platform, transforming how organizations offer and employees access various perks. The company provides a digital workplace wallet, integrating lifestyle spending accounts, rewards, and recognition programs. This platform streamlines finance and HR operations for employers, simplifying the utilization of wellness benefits and employee programs.
Wallit was founded in 2011 by Mike Vien, Allii Ray, and Chris Williams, who serve as CEO, VP Operations, and CTO respectively. Their foundational insight aimed to evolve traditional wallets into smart digital solutions. This led to a unified platform for modern financial and benefits management.
The platform primarily serves employers streamlining benefits administration and employees managing workplace perks and spending. Wallit's vision is to redefine benefits delivery, empowering organizations and their workforces to manage financial wellness and operational efficiencies effectively in the evolving employment landscape.
Wallit has raised $3.8M across 2 funding rounds. Most recently, it raised $2.6M Seed in September 2019.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Sep 16, 2019 | $2.6M Seed | Blueio, BoxOne Ventures, Mendoza Ventures | — | Announced |
| Mar 6, 2012 | $1.2M Seed | — | Daniel Terry, Dave Kellogg, Masao Tejima, Sharmila Shahani Mulligan, DBO Capital, Orrick, Storm Ventures, Tenex Capital Management | Announced |
Wallit has raised $3.8M in total across 2 funding rounds.
Wallit's investors include BlueIO, BoxOne Ventures, Mendoza Ventures, Daniel Terry, Dave Kellogg, Masao Tejima, Sharmila Shahani-Mulligan, DBO Capital, Orrick, Storm Ventures, Tenex Capital Management.
Key people at Wallit.
Wallit is a fintech company offering a cloud-based Benefits Commerce Network (BCN) platform that unifies benefits administration, enrollment, payments, embedded insurance, and digital wallets into a single app. It targets businesses and financial institutions to deliver personalized health, wealth, and wellness solutions, leveraging AI to connect employees with retailers for rewards, perks, and instant benefit access, solving fragmented benefits delivery.[2][3] Originally a rewards-savings app for teens partnering with banks, it has evolved to empower modern teams with holistic employee benefits, simplifying access to insurance, prescriptions, child/pet care, claims, and wellness—all in real-time via a proprietary vertical SaaS platform.[1][3][4]
The platform serves employers, banks, credit unions, and families, addressing pain points like disjointed benefits systems and low engagement by providing automated, data-driven personalization that boosts productivity and loyalty. With over 20,000 monthly active users at its early stage and backing from VCs like BlueIO and Mendoza Ventures, Wallit demonstrates growth through expanded partnerships and product scaling.[1][4]
Wallit was founded in 2016 as Ourly, a mobile banking app targeting teenagers with reward-based savings, checking, debit cards, and instant money transfers linked to any U.S. bank or credit union.[4] Mike Vien, the CEO and co-founder, led the 2019 rebrand to Wallit alongside a $2.6 million seed round from BlueIO, Mendoza Ventures, BoxOne Ventures, Maine Technology Institute, and angels, fueled by demand from regional banks and credit unions.[1][4][5]
The idea emerged from transforming banking engagement for Gen Z and millennials via moment-based cash rewards for saving and spending goals, driving deposits and loyalty.[1][4] Pivotal moments include demoing at FinovateFall 2019, securing Boston VC support, and pivoting post-2020 to a broader benefits wallet platform under Vien's vision to "lighten and enlighten people’s lives" by connecting benefits to business outcomes.[3] Headquartered in Portland/Westbrook, Maine, with Boston offices, it shifted from teen-focused fintech to enterprise benefits commerce.[1][2][3]
Wallit rides the corporate wellness and flexible benefits trend, accelerated by remote work and post-pandemic demands for personalized perks amid rising employee expectations for health/wealth support.[2][3][6] Timing aligns with AI-driven fintech evolution, where fragmented HR tech gives way to unified platforms—market forces like labor shortages and wellness spending (projected to grow) favor its holistic approach over siloed solutions.[3]
It influences the ecosystem by enabling banks/credit unions to capture Gen Z/millennial deposits while helping employers boost retention via instant, retailer-linked rewards, bridging consumer fintech with enterprise HR tech.[1][4] As a Maine-rooted innovator with Boston VC ties, Wallit exemplifies regional tech scaling nationally, disrupting $100B+ benefits administration with commerce integration.[2]
Wallit is poised to dominate benefits commerce by expanding its AI network globally, integrating more embedded insurance and retailer partnerships to capture rising demand for stipend-based perks in hybrid work.[2][3][6] Trends like AI personalization and wellness mandates will propel growth, potentially through Series A funding and enterprise wins, evolving from fintech rewards to a full people-success platform.
As it scales from teen app origins to modern teams' wallet, Wallit's mission to "help everyone shine" positions it to redefine employee engagement—watch for deepened B2B traction amid benefits digitization.
