Introducing a new everything

Introducing a new everything

Today, we’re launching a new name, logo, and brand.

Quick Facts:

  1. It is estimated that U.S. businesses are losing $1 Trillion every year due to voluntary employee turnover.1
  2. Add another $500 Billion in absenteeism and that’s 8% of payroll right out the window every year.2
  3. Plus, 85% of employees are not engaged at work and approximately 50% of people leave their jobs voluntarily.3, 4

Question:

Consider the fact that U.S. digital advertising, which most consumers detest, is a $200B market that is fully automated and programmatic with an entire ecosystem of dedicated players. Yet, if Payroll in the U.S. is $20 trillion, then why isn’t there a company that provides a digital wallet to streamline the disjointed, siloed operations for employers and the fragmented payment experience for consumers and merchants?

While HCM processes (e.g., payroll, benefits administration, talent management) have all been digitized with well entrenched software providers, all accounting and non-payroll processes concerning the employee experience have been handled poorly or ignored all together. Our vision is to make employee finances easy for everyone, including HR, Finance and workers worldwide.

If employees are a company’s most valuable asset, then the model is clearly broken.

When we started incubating the idea to develop Wallit we needed a name and a brand that could support our mission and radical vision for combining Fintech, HRtech, and Adtech. We wanted a name that could be recognized anywhere in the world, one that could be pronounced the same in any language, one that speaks to the value we provide our corporate customers, retail partners and consumer members.

The name:

With that, we bring you Wallit. Wallit is the world’s first and only digital wallet platform that helps companies improve their employee experience by managing employee expenses, corporate benefits and workplace rewards.

 

The name “Wallit” reflects the idea that a organizations have a single cloud-based system to automate sending people payments across every department within the company and that enables them to self-direct their benefits, incentives and gifts in an open marketplace model. Much more than a “perk” program, wellness app, corporate card, or expense software, Wallit is a card-linked sending and spending solution designed for teams.

We aren’t inventing the digital wallet, we are reinventing the employee experience. To do this, we created WallitOS, the operating system for the future of Work Fintech that enables organizations to streamline their workflows for HR, Finance, and Sales & Marketing operations and to improve the employee and partner experience so people can self-direct their benefits, perks, gifts, awards, rewards and other incentive-based payments.

Wallit’s SaaS application enables customers to set up, customize and run their own dedicated online benefits, incentives, and gifting marketplace – keeping or adding any third-party products. We have developed a card-linked, transaction matching algorithm that underpins our platform and connects our three-sided marketplace – workplace sending for employers, digital wallet for consumers and digital advertising for merchants. For employees, it’s an application layer over their existing everyday spending accounts and payment options. And, it’s delivered by the company people trust – their employer – and where they receive their compensation and core benefits.

The key differences and advantages of Wallit over other existing solutions:

  1. All-in-one: The first truly all-in-one digital wallet platform for modern workers that bridges the gap between several siloed products for employers, employees, customers, prospects and partners.
  2. Everywhere Access: With our open marketplace model, Wallit works at every retailer worldwide, online and in-store.
  3. Any Card: Our bring your own card (BYOC) and universal card acceptance approach enables people to use any debit and credit cards,
  4. Smart Payments: We’re creating a system-of-record for employee payments, or “smart payments”, that carries payroll tax compliance and cashback rewards from employers, brands and retailers if certain conditions are met.

Why hasn’t anyone solved this problem before?
Historically, tools for managing non-payroll and AP expenses have been managed in silos. We believe that recent attempts from third-party providers to crack this large, growing market failed because of one or a combination of the issues below:

  1. Card-based: requires a new debit/credit card or gift cards to be issued, used and managed,
  2. Catalog-based: requires the provider to sell and support merchants, which also limits member options and availability – often times the provider has to maintain their own warehouse with inventory,
  3. One-size fits all: siloed or single point solutions that support a small percent of employees.

The current solutions on the market add additional layers of friction, risk and cost for companies and their customers. Plus, these solutions either compete for the same HR/Finance/Sales/Marketing budgets – and they take budget, not create budget. Each employer deploys a different technology stack and a slew of different vendors with disconnected user experiences that amount to fractured experiences with many of their companies’ products going largely unused. Instead, why not one unified platform coupled with a digital wallet to improve company culture and employee wellbeing. That’s our vision for Wallit OS – the operating system for the future of work and work-life integration.

The logo:

The mark incorporates three interconnected shapes, which symbolize the unification between Wallit, our customers and our clients in the communities we serve.

We are inspired by the simplicity and power of the circle. Circles have neither a beginning nor an end. They move without restriction, representing speed, energy and power. At the same time, circles represent safety and security – protecting what’s inside their boundaries.

Our three circle shapes are intertwined to represent how Wallit provides a better, faster, more streamlined experience for connecting employers, employees, and the retailers that exist to meet their everyday needs.

When the design elements are combined, the shape of the logo forms a unique, stylized form of the letter “W”. Typically, the shape of the letter W has a beginning and an end, but the W in Wallit does not. The shape of our logo is fluid and represents continuity, interconnectedness, and perpetual movement – just as the moments in our everyday lives, and our relationships we seek to have with our family, friends and co-workers.

Altogether, the entirety of the mark are moving up and to the right, signaling growth and our forward-leaning approach to propel financial inclusion, as well as our role in a global movement toward digital money in motion.

The colors:

We wanted to own a color and style so that our company and products rise and shine above the many other applications and icons crowding the marketplace. Once we decided on a strong, red-orange, we committed to really owning that color. We chose our custom made “Rayleigh red” for Wallit to portray a youthful, energetic and friendly image. The Wallit colors symbolize the release of energy, idealism, experiences and human potential that come together at Wallit, with young people as the catalyst.

The primary friction we aim to help people overcome is inertia – too many people simply need assistance to improve their wellbeing and current situation. They need help to get started. We chose red as our primary color to rouse people to take action. The color red stimulates a sense of urgency and creates excitement to help overcome inertia.

At the same time, one of the biggest challenges for employers right now for their teams to stay engaged and connected in the shift to more of a remote workplace, while brands and merchants are eagerly battling for consumer attention. Plus, studies show that shoppers respond best to the color Red-Orange. Wallit bridges all of these needs.

We worked closely with the team from the Maine-based branding agency, Anchour, to create this new name and visual identity. Over the next few months, you’ll start to see it all on our website, apps, marketing, and more.

We’re excited about our future and the future of finance and commerce, and we hope you are too.

Team Wallit

Investing in employee wellbeing and the Future of Work
 

Sources

1. Gallup: This Fixable Problem Costs US Businesses $1 Trillion March 2019

2. The Conference Board: Disengaged employees can cost companies up to $550B a year, March 2017

3. Gallup: State of the Global Workplace June 2021

4. Small Business News, November 2020