HelloWallet, a new paid site designed to help people manage their personal finances, has raised $3.6 million in a first round of funding. The round was led by Grotech Ventures; AOL (NYSE: AOL) founder Steve Case and his wife, Jean, also participated.
Like Mint.com and several other competitors, HelloWallet tracks user’s finances and provides recommendations for saving money. But unlike most of its rivals, which make money by referring users to financial services, HelloWallet charges its members at least $4 a month — a fee it says allows it to stay independent from banks and provide “100 percent unbiased recommendations.”
HelloWallet is one of several startups trying to replicate the success of Mint, which was sold to Intuit for $170 million last fall. Others include the female-targeted LearnVest, which recently raised $4.5 million, and Bundle, which Microsoft (NSDQ: MSFT) and Citigroup have reportedly backed with $5 million.
A sidenote: The Cases and Grotech are also joint investors in LivingSocial.