Morningstar Inc. upped its stake in HelloWallet LLC, a company that tracks employee's retirement savings, to 15 percent thanks to its $6.75 million infusion into the company, reports Crain's Chicago Business.

Morningstar was part of a group -- including Revolution Ventures, Grotech Ventures, the Telecommunications Development Fund and other new investors -- which invested a total of $12 million into the Washington-based company. HelloWallet reportedly plans to use the money to expand its client base and move to a larger Washington office in May.

In a statement, Brock Johnson, head of Morningstar's retirement solutions, said "HelloWallet offers a unique service, based on behavioral theory, that we haven't seen anywhere else in the market." 

Edited by: HFD


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