KeyBank closes acquisition of HelloWallet from Morningstar

KeyCorp (NYSE: KEY), parent of KeyBank, announced on July 3 that it has completed its acquisition of HelloWallet, a personal-finance software platform, from Morningstar, Inc. 

Financial terms of the transaction were not disclosed. 

KeyBank said the acquisition will allow it to offer clients more financial-wellness services, including to business clients that offer employees Key@Work, KeyBank’s workplace program.

The HelloWallet platform provides customers with tools that can help them make “more confident” financial decisions, KeyBank contends. In turn, the bank says the platform gives it a “deep understanding” of each client’s financial situation and goals, which will help “drive every interaction with clients.”

“Adding the talented HelloWallet team to KeyBank enables us to do even more to help more clients,” Dennis Devine, co-president of KeyBank Community Bank and head of the Key consumer and business banking segment, said in a news release.

“We’ve seen the difference our financial wellness initiative makes every day for our retail bank clients, helping them understand their finances and enabling them to make more confident financial decisions. We believe financial wellness can make the same difference for our business client’s employees, and we will make financial wellness the centerpiece of our already strong Key@Work program,” he added.

More than 100,000 KeyBank clients are currently enrolled in the bank’s financial wellness program.

KeyCorp said it was advised by its KeyBanc Capital Markets unit in this acquisition.

KeyCorp — headquartered in Cleveland, Ohio — says it has roots that trace back 190 years to Albany, New York. It’s one of the nation’s largest bank-based financial services companies, with assets of about $134.5 billion, as of March 31.