Overview
Addition Wealth is a New York-based holistic financial wellness platform designed to empower employees by providing tools and guidance necessary for informed financial decision-making. The platform supports employees in managing various financial aspects, including budgeting, savings, retirement planning, and more, reducing the $250 billion lost annually by companies due to decreased productivity linked to financial stress.
Services and Features
Addition Wealth offers a technology-forward approach with a suite of digital tools that provide scenario exploration and outcome predictions to offer actionable insights. Key features include:
- Digital Tools: Assist employees in projecting financial scenarios and determining optimal courses of action.
- Access to Certified Financial Advisors: Employees benefit from free, unlimited one-on-one consultations with certified advisors.
- Customized Programming: Tailored programs developed to meet specific employer goals and enhance employee financial wellness.
Leadership Team
The leadership team at Addition Wealth, composed of individuals with diverse backgrounds, provides a solid foundation for the company's mission:
- Ana Mahony: Founder & CEO, a Harvard Business School graduate recognized as an influential female leader in fintech and awarded the UBS Female Founder Award in 2023.
- Amy Chou: Chief People Officer & Head of Operations, with operational expertise from JP Morgan and education from The University of Chicago.
- Hally Peck: VP of Marketing & Communications, leveraging her Harvard College education to strategically communicate the company's ethos and engage stakeholders.
Financial and Growth Metrics
Addition Wealth has raised $4.2 million over two funding rounds, supported by investors such as Nyca Partners and Core Innovation Capital, fueling its growth in delivering comprehensive financial wellness solutions.
Strategic Partnerships & Recognition
Addition Wealth is recognized for its innovative contributions:
- Awards and Recognition: Included in the FinTech Innovation Lab by Accenture, and WealthTech 100 by FinTech Global, and frequently featured in lists such as "54 Fintechs to Watch" by Business Insider.
- Media and Engagements: Regular features in Bloomberg TV and Nasdaq, discussing evolving employee financial needs, with Ana Mahony sharing insights on podcasts about digital innovation and financial advisory.
Competitor Profile
Key Competitors
1. LearnLux: A Massachusetts-based financial wellness provider combining digital planning with personalized guidance from Certified Financial Planner professionals, partnering with employers to prioritize employee financial wellness.
2. Northstar: Offers personalized financial wellness programs with fintech tools and in-house advisors, emphasizing accessibility and instilling healthy financial habits from an employee's first paycheck.
3. Questis: Provides financial wellness solutions with technology, coaching, and community support, aiming to build resilience and empower employees financially.
4. Your Money Line: Combines AI-powered wellness software with live coaching for stress-free financial management, focusing on unbiased education and personalized services.
5. Ayco by Goldman Sachs: Offers integrated financial planning and wealth management for executives and high-net-worth individuals, acting as a personal CFO to coordinate clients' financial landscapes.
Additional Competitors
- FinFit
- BPAS
- The Financial Guys
- LifeCents
- Network Perception
- Equitymaster Agora Research
Strategic Insights
Operating in a competitive field, Addition Wealth faces competition from standalone companies like LearnLux and subsidiaries of larger financial entities such as Ayco. Differentiation can be achieved through leveraging existing core capabilities, exploring strategic partnerships, and expanding offerings in niche markets. Engaging in robust data analytics and adopting innovative fintech solutions can drive competitive advantage.
Location
Addition Wealth's headquarters is located at 43 W 23rd St, New York, NY 10010, leading efforts to make comprehensive financial wellness accessible across various sectors.
