The fintech social enterprise helps people structure their financial goals through a convenient mobile banking app that also connects banks with new customers

RICHMOND, VIRGINIA, UNITED STATES, May 25, 2023/EINPresswire.com/ -- Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation (VIPC), today announced an investment in Wellthi. Arlington, Va.-based Wellthi is an embedded social finance software that brings community to the process of building wealth. Wellthi will use this investment to continue customer growth.

Banks and credit unions spend a lot of time and money to attract and retain customers by opening new branches, hiring sales teams, and funding community projects. On the other hand, big tech and neobanks are at an advantage due to larger networks and online communities with further reach. Wellthi’s platform is reimagining mobile banking by bringing together social and community influence, lowering customer acquisition costs, and appealing to a broader market of customers with a more personalized banking experience for users.

“At Wellthi, we aim to make collaboration between banks and customers easier by providing a cost-efficient and effective way to provide personalized banking. Wellthi is the only app where you can learn to plan, set and track your path focused on reaching your financial and life goals with your friends,” says Fonta Gilliam, CEO and Co-Founder of Wellthi. “We appreciate the support of VIPC’s Virginia Venture Partners - which goes beyond just this seed funding to include helpful guidance and access to their broad network of resources.”

Services offered through the Wellthi app include access to financial advisors to have one-on-one consultations, set goals and understand financial health and credit scores, as well as a savings wallet that can be shared with friends and family. Wellthi’s first-in-class social networking and payment solutions are built to reach customers using social feeds, online communities and influencer content. In turn, banks and credit unions are able to leverage these shared networks to attract new customers. To date, Wellthi has earned multiple industry awards and recognitions from organizations like the FDIC, Mastercard, Nerd Wallet, Discover and the Independent Community Bankers of America.

“The Wellthi team has decades of combined experience working in social networks, fintech, and banking, making them well-versed on ways banks and credit unions can attain and build their customer acquisitions in a modern format,” says Jennifer O’Daniel, VIPC Senior Investment Director of Virginia Venture Partners. “Wellthi is a unique financial social community that makes it simple, easy and free for anyone to get started on their journey to stronger, smarter and better finances. We look forward to their future success and impact on helping people improve their financial health.”

VIPC’s investment in Wellthi draws upon funds made available through the U.S. Treasury Department State Small Business Credit Initiative (SSBCI) Program.

About Wellthi
Wellthi is an embedded social finance software designed to help institutions increase the lifetime value of customers by turning every customer into a community of customers. Wellthi offers a suite of white-label, configurable APIs, mobile apps and payment solutions to help clients leverage the power of online communities, shared financial goals and positive peer accountability to attract and retain customers and increase assets under management. Bank customers can use Wellthi to structure their financial goals with family and friends and build community through their bank's mobile app. For more information, visit https://wellthiapp.com/.

About Virginia Venture Partners
Virginia Venture Partners is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $41.8 million in capital across more than 275 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners’ investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.virginiaipc.org

About Virginia Innovation Partnership Corporation (VIPC)
VIPC: Connecting innovators with opportunities. VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia's innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.

Programs include: Virginia Venture Partners (VVP) | VVP Fund of Funds (SSBCI) | Virginia Founders Fund (VFF) |Commonwealth Commercialization Fund (CCF) | Petersburg Founders Fund (PFF) | Smart Communities | The Virginia Smart Community Testbed | The Virginia Unmanned Systems Center | Virginia Advanced Air Mobility Alliance (VAAMA) | The Public Safety Innovation Center |Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Facebook, Twitter, and LinkedIn.

Angela Costello, Vice President of Communications
Virginia Innovation Partnership Corporation (VIPC)
angela.costello@VirginiaIPC.org
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.