# Wallit

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/wallit-2

- Industry: Financial Services
- Headquarters: Westbrook, US
- Website: www.wallit.app
- Total disclosed funding: $2.6M
- Latest round: Seed (Sep 16, 2019)
- Investors on record: 4

## About

Wallit is a digital wallet platform that enhances employee benefits management by integrating various wellness and lifestyle perks, rewards, and reimbursements into a single, user-friendly system for companies and their employees.Founded in 2015 in Westbrook, US, Wallit provides a digital wallet solution tailored for employee benefits management. The company, co-founded by Allyson Ray and Mike Vien, has successfully raised a total of USD 2.6 mn through a SEED funding round co-led by BlueIO, BoxOne Ventures, and Maine Technology Institute in September 2019. Wallit has completed five funding deals since inception.Wallit offers a comprehensive digital wallet solution designed to streamline employee benefits management for brands and retailers. The core product allows companies to deliver a fully integrated platform that encompasses various lifestyle and wellness benefits, insurance, perks, rewards, and expense reimbursements in a single system. By utilizing existing debit and credit cards, Wallit simplifies the employee experience and provides easy access to a range of benefits at retailers globally, both online and in-store. The service targets businesses looking to enhance employee satisfaction by personalizing benefits and facilitating the selection process based on individual preferences. Wallit's client base includes employers across various sectors, serving employees worldwide by providing a versatile solution that works with any retailer.Wallit's revenue model is structured around partnerships with employers and retailers, leveraging a subscription-based framework for accessing its digital wallet services. Clients, primarily businesses, subscribe to the platform for a fee that covers implementation and ongoing support, allowing them to manage employee benefits effectively. Transactions occur as employees utilize their cards for purchases, where Wallit facilitates the addition of funds to the wallet balance automatically. The value of transactions is driven by the monthly allowances set by employers, creating a system that encourages utilization of wellness and lifestyle benefits. By offering a user-friendly solution that integrates with various retailers, Wallit positions itself to capture a diverse clientele in the employee benefits market.Wallit plans to leverage its recent seed funding of USD 2.6 mn from investors including BlueIO, BoxOne Ventures, and Maine Technology Institute to enhance its product offerings and expand into new markets. The company aims to develop additional features for its platform that are set to launch in the upcoming year. Furthermore, Wallit is targeting expansion into new geographic regions, although specific markets have not been detailed.

## Funding rounds

- Seed, Sep 16, 2019, $2.6M — Maine Technology Institute, BlueIO, Mendoza Ventures, BoxOne Ventures

## Investors

- Maine Technology Institute — Seed
- BlueIO (https://capitalatlas.ai/funds/blueio) — Seed
- Mendoza Ventures (https://capitalatlas.ai/funds/mendoza-ventures) — Seed
- BoxOne Ventures (https://capitalatlas.ai/funds/boxone-ventures) — Seed