In a deal announced late on Wednesday, KeyBank will acquire personal finance software provider, HelloWallet, from Morningstar, which purchased the company for more than $52 million in 2014. Terms of the deal were not immediately available; the 36 employees of the company that will join KeyBank will continue to work from offices in Washington, D.C. and Chicago.

KeyBank’s interest in HelloWallet extends back to at least 2015 when the company announced an exclusive partnership that made KeyBank the only bank with access to HelloWallet’s personal finance platform. Positive reviews from customers, including KeyBank research indicating customers using HelloWallet’s solutions were expressing greater financial confidence, encouraged the two firms to deepen their relationship, culminating in this week’s acquisition announcement. “We are thrilled to bring the HelloWallet team to KeyBank so they can join us on our clients’ journey toward financial wellness one step at a time,” KeyBank Community Bank co-president Dennis Devine said.

Pictured: HelloWallet founder and Chief Innovation Officer Matt Fellowes demonstrating Retirement Explorer at FinovateFall 2015.

The Best of Show winner from FinovateFall was a busy innovator while under the Morningstar umbrella. The company began the year with the release of version 5.0 of its personal finance app, providing improved navigation and a streamlined dashboard. In December, HelloWallet launched its free student-loan and retirement savings calculator and, last August, the company unveiled its Flexible Budgets feature that helps users make longer-term planning decisions, and better prepare for larger, infrequent expenses. We featured HelloWallet in our look at advice-only savings technologies in March.

Founded in 2009 by Matt Fellowes, HelloWallet demoed its Retirement Explorer solution at FinovateFall 2015. A specialist in providing employer-based financial wellness solutions, the company raised more than $15 million in funding from four investors before being acquired by Morningstar. For its part, Morningstar insisted that its decision to sell HelloWallet was consistent with its long-term strategy and was not a reflection on its commitment to providing personal finance solutions for its customers. “Morningstar has significantly enhanced its overall capability set since the acquisition of HelloWallet more than three years ago,” Morningstar President of Retirement Solutions Brock Johnson said, “and we will continue to incorporate many of the financial wellness best practices into our broad-based solutions.”

Goals-based saving tools have existed for quite some time, but what if the goal you’ve saved for isn’t just a one-time purchase? HelloWallet’s new feature, Flexible Budgets, launched this week to help users spend wisely over a longer time-period and to help plan for large, infrequent expenses.

The new tool is meant to be used in tandem with a regular monthly budget. Use cases include:

• Track spending while on vacation
• Plan for quarterly insurance payments
• Track an annual clothing budget
• Maintain a budget for a wedding (as someone who’s getting married in two weeks, I’m well aware of the importance of tracking expenses to make sure there’s enough left over to cut the final check for booze at the end of the reception!)

This feature addresses a common complaint among budgeters who struggle with big-ticket, infrequent purchases. It essentially offers a way for users to set up a budget within a budget. The Flexible Budgets feature is now available in the HelloWallet app for iOS and will launch on Android later this year.

While the app would certainly come in handy as I finalize wedding expenditures, I won’t be able to use it any time soon. HelloWallet is only available as a B2B model aimed to help employers help their employees with financial health. The company’s current customers include: Salesforce, T. Rowe Price, Allstate, Vanguard, and more.

Matt Fellowes, founder of HelloWallet, gave a Best of Show-winning demonstration of Retirement Explorer at FinovateFall 2015. Retirement Explorer is a planning tool that allows users to model and save retirement scenarios. During the demo, Fellowes also announced it now allows banks to integrate HelloWallet’s financial wellness programs.

Two months ago, HelloWallet launched a savings and debt guidance tool to help users achieve their saving, spending, and debt-repayment goals. Founded in 2009, the company was purchased by Morningstar in 2014.

Morningstar-owned HelloWallet launched a new tool today in an effort to help banks and companies encourage their members and employees to focus on their finances. Prompted by requests from users, the Washington, D.C.-based company launched Savings & Debt Guidance to help users achieve their emergency savings, spending, and debt goals.

Saving

The chart helps users add spending goals and visualize large upcoming purchases. In the column on the right, HelloWallet gauges how prepared the user is for unexpected expenses based on their personalized emergency savings estimate. If a spending goal puts the user’s emergency savings funds at risk, HelloWallet offers suggestions to delay spending, reduce their goal amount, or increase savings contributions to reach their goal on time.

Debt

The tools also let users set goals for debt, guiding them to pay down loans with the highest interest rate first. To help motivate, HelloWallet educates the user on how much interest they will pay in the upcoming years and adjusts the number based on their payoff date.

At FinovateFall 2015, the founder of HelloWallet and CIO of Morningstar, Matt Fellowes, gave a Best of Show-winning demonstration in its debut of Retirement Explorer, a planning tool that allows users to model and save retirement scenarios. Fellowes also announced it now allows banks to integrate HelloWallet’s financial wellness programs.

Matt Fellowes, chief innovation officer of Morningstar and the founder of HelloWallet; Andrew Vincent, senior product manager; and Gabe Gorelick-Feldman, software engineer, showcased Retirement Explorer, which won Best of Show at FinovateFall 2015.

HelloWallet’s customers include Salesforce, T. Rowe Price, Allstate, Vanguard, and more. Before it was acquired by Morningstar in 2014, the company had raised $15.6 million.