Wallit (FKA Ourly), a Portland, Maine-based rewards-based savings app for families with teens that rewards users when they save and spend money, raised $2.6m in seed funding.
The round was led by BlueIO, Mendoza Ventures and BoxOne Ventures, and unnamed private investors with participation from the Maine Technology Institute.
The company intends to use the funds to expand its core product, drive sales and marketing initiatives and increase channel partnerships.
Founded in 2016 and led by CEO Mike Vien, Chief Technology Officer Chris Williams, Vice President of Product Ani Malkani, and Vice President of Operations Allyson Ray, Wallit is a free rewards-based savings app for families that allows teens and their parents to manage money and earn cash rewards on their everyday saving and spending. The 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.
The company, which also has offices in Boston, has more than 20,000 monthly active users (MAUs).