In May of last year, Morningstar purchased HelloWallet for $52.5 million. This week, the startup appears to be broadening its business model by launching with its first bank partner, KeyBank.

Since rolling out in 2009, HelloWallet has distributed its PFM platform to employers to offer as a benefit to their employees. By adding banks to its distribution partners, the startup will reach more users.

Matt Fellowes is the founder of HelloWallet and was recently named chief innovation officer at Morningstar. Fellowes states:

“Our goal is to democratize access to financial guidance for all Americans. Working with KeyBank is a tremendous opportunity to offer the bank’s clients consistent, personalized guidance so they can feel confident in their ability to make well-informed financial decisions.”

The Cleveland-based institution will use HelloWallet to offer customers a free financial health score, ranging from 1 to 100. The scores assess users’ financial health and allow them to compare themselves against peers.

HelloWallet will also offer external account aggregation, a first for KeyBank. By adding external bank account information, customers will see a full picture of their overall finances.

The financial wellness program will roll out in phases over the course of this year.

HelloWallet demonstrated at FinovateSpring 2011.