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A local startup is providing younger generations with a new way to understand banking and finances.
Wellthi is a software tool that grants financial advice on a social media-like platform. It can be used through its independent app that is available to download, or within mobile apps of participating banks.
“Think of it as a Facebook or LinkedIn within a mobile banking app,” founder and CEO Fonta Gilliam said. “We are helping banks rethink their mobile banking experience.”
The company, initially named Invest Sou Sou, officially launched in 2021. Since then, it has formed partnerships with Mastercard, Discover Card, Galileo Financial Technologies and IDology. Citizens Bank recently became the first banking partner to launch with Wellthi, Gilliam said.
She aims to bridge the gap between the financial services banks provide and the places younger generations turn for finance tips: social media.
“We found that a lot of banks don’t know how to talk to millennials and Gen Z. 80% of us get our financial advice not from our branch managers or a financial advisor but from places like Reddit, TikTok and Facebook,” Gilliam said. “Wellthi gives users an experience that feels like say Reddit or TikTok but in a space where users can talk to certified financial advisors versus random influencers on social media.”
Wellthi received funding from Virginia Venture Partners (VVP), an equity investment program within the Virginia Innovation Partnership Corporation. The funds given to Wellthi from VVP were partially through the U.S. Treasury Department’s State Small Business Credit Initiative for a confidential amount.
She hinted at a few other undisclosed partnerships with banks.
The VPP funding follows on a seed funding round in December worth $2.1 million, Washington Business Journal reported. Gilliam says she moved her startup from D.C. to Arlington to take advantage of the various types of support available for startups, as well as the county’s hub of tech companies.
“Arlington had incredible incentives. I was looking for a [place] that could provide venture capital for early-stage companies like mine,” Gilliam said. “I was excited about the growth happening right now in Northern Virginia from Amazon’s HQ2 to the welcoming business feel the area gives.”
She says she hopes that this proximity will turn into more interest from local consumers and small businesses in the near future.
