LOCAL MONEY: Portland Based Wallit Raises $2.6 Million for Banking App

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Portland, Maine based startup Wallit announced it raised new funding for its banking app aimed at younger consumers.

The startup announced it has raised $2.6 million in seed funding from lead investor Blue IO, along with Mendoza Ventures, BoxOne Ventures and Maine Technology Institute. This is the company’s second funding round, after a venture round which netted $3.4 million.

Wallit is a free rewards-based saving app for teens and parents to manage their money better with a cash rewards program for their everyday saving and spending. The startup is partnered with top banks, credit unions and other financial service organizations looking to reach Millennial and Gen Z customers with rewards for completing savings goals and other financial achievements.

The startup was previously known as Ourly. The company is led by former Fidelity Investments executive Mike Vien.