How they describe themselves: Wallit is transforming the banking experience by making it easy for consumers to manage money and earn cash rewards for their everyday saving and spending through a single app. The company partners with leading banks and credit unions to offer moment-based rewards, such as completing savings goals or items on a to-do list. Headquartered in Portland, Maine with offices in Boston, Wallit is backed by Boston-based VC firms and angel investors with participation from Maine Technology Institute.
How they describe their product/innovation: As a mobile marketing platform for banks and credit unions, Wallit enables them to offer families with teens a free savings and rewards app that allows consumers to discover products, interact with brands and earn real cash rewards for saving and spending. The first platform of its kind, Wallit is transforming the way banks and brand marketers engage with consumers. Unlike other apps, Wallit gives consumers exactly what they want – real cash rewards for real achievement, instead of credits or points.
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, through other fintech companies and platforms