NerdWallet

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NerdWallet, Inc.
Nerdwallet Horizontal Logo.svg
Type of businessPublic company
Traded as
(Class A)
FoundedAugust 2009; 12 years ago (2009-08)
HeadquartersSan Francisco, California, U.S.
Created byTim Chen
Jacob Gibson
Key peopleTim Chen (CEO; Co-founder)
IndustryPersonal finance, fintech
Revenue>$100 million (2017)[1]
Employees384 (October 2019)[2]
URLnerdwallet.com

NerdWallet is an American personal finance company, founded in 2009 by Tim Chen and Jacob Gibson. It offers a website and app that earns money by promoting financial products to its users.

History[]

NerdWallet was founded in August 2009 by Tim Chen and Jacob Gibson, with an initial capital investment of $800.[3][4] Its first product was a web application that provided comparative information about credit cards.[5] Subsequently, it generated large quantities of content to help boost its search engine results.[6][7] Website traffic grew quickly in 2010[8] and, by March 2014, the website had up to 30 million users.[5] The following year, it raised $64 million in its first round of funding, at an estimated valuation of $500 million.[3][5][9]

In 2016, the company acquired the retirement planning firm AboutLife, and was valued at $520 million.[8][10][11] In 2017, company growth slowed, resulting in the layoff of 11 percent of its employees.[12]

In August 2020, the company expanded its footprint into the UK by acquiring Know Your Money, a Norwich-based startup that provides a similar range of comparison and information tools geared at people who live in the UK[13] In November 2020, NerdWallet acquired small business loan marketplace, Fundera.[14] In 2021, NerdWallet partnered with Inclusiv, a nonprofit network of community development credit unions, and committed to move millions of dollars to local credit unions to advance financial equity.[15] In November 2021, the company went public on the Nasdaq.[16]

Products and services[]

The company's goal is to provide information that educates users in making financial decisions.[17] They do so by providing both reviews and comparison of different financial products, including credit cards, banking, investing, loans and insurance.[18] Its web site is directed primarily towards Millennials[5] and provides information on credit card selection, college loans, banking, mortgage loans, stock trading and insurance policies.[17][19]

By May 2015, the company developed business relationships with eight banks and a dozen insurance companies.[17] In exchange for new customers, affiliated banks pay NerdWallet a success fee.[5] Co-founder Chen reported that the company became profitable by virtue of the fees it earned through matching users with financial products and services.[9]

Administration[]

Tim Chen is the CEO and co-founder of NerdWallet and board member at the National Foundation for Credit Counseling.[11][20] The company's "transparent" and "self-critical" management style was reset in 2013, when Chen fired 20% of the workforce and restructured company management into a flatter "matrix" structure.[6]

In March 2014, former LinkedIn VP Dan Yoo replaced co-founder Gibson as chief operating officer and Flo Thinh joined as VP of Talent.[21] By 2015, the company had 200 employees and added Vikram Pandit and James D. Robinson III to its board of advisors.[19][22]

In 2020, former eBay executive Lauren St. Clair joined NerdWallet as CFO. The company added Lynne Laube and Jennifer Ceran to its board of directors.[23]

See also[]

References[]

  1. ^ Keefe, Josh (October 17, 2017). "NerdWallet CEO on How City Life Changes the Financial Goals of Millennials". International Business Times. Retrieved August 18, 2018.
  2. ^ "100 Best Medium Workplaces: Rank 17: NerdWallet". Fortune. Retrieved May 25, 2021.
  3. ^ a b Shieber, Johnathan (May 11, 2015). "Scorching FinTech Market Keeps Attracting New Players as NerdWallet Raises $64 Million". Tech Crunch.
  4. ^ Saranow Schultz, Jennifer (August 25, 2010). "A New Way to Shop for Credit Cards". Bucks Blog. The New York Times. Archived from the original on 27 August 2010. Retrieved 7 January 2014.
  5. ^ a b c d e Tansey, Bernadette (21 May 2015). "NerdWallet's Big Ambitions". Xconomy. Retrieved June 28, 2015.
  6. ^ a b Aspan, Maria (February 2016). "The $520 Million Company That's Solving All Your Financial Needs". Inc.
  7. ^ Rose, Jeff (April 20, 2010). "Interview with Tim Chen, Founder of NerdWallet". Good Financial Cents. Archived from the original on 23 April 2010.
  8. ^ a b Huddleston, Tom Jr. (May 9, 2018). "After being laid off, this 35-year-old founded NerdWallet with $800 - now it's worth $500 million". CNBC. Retrieved August 18, 2018.
  9. ^ a b McBride, Sarah (May 11, 2015). "UPDATE 1-Startup NerdWallet raises $64 million in first round of funding". Reuters. Retrieved 30 June 2021.
  10. ^ Yeung, Ken (June 28, 2016). "NerdWallet acquires AboutLife to expand into retirement planning services". VentureBeat. Retrieved August 18, 2018.
  11. ^ a b Aspan, Maria (January 20, 2016). "The $520 Million Company That's Solving All Your Financial Needs". Inc. Retrieved August 18, 2018.
  12. ^ Dickey, Megan Rose (November 16, 2017). "NerdWallet lays off 11 percent of staff due to missing profitability goals". TechCrunch. Retrieved November 18, 2018.
  13. ^ Lunden, Ingrid (August 27, 2020). "Nerdwallet acquires UK's Know Your Money as it expands outside the US". TechCrunch. Retrieved 27 April 2021.
  14. ^ Ha, Anthony (November 2, 202). "NerdWallet acquires small business loan marketplace Fundera". TechCrunch. Retrieved 27 April 2021.
  15. ^ Peters, Adele (March 9, 2021). "Nerdwallet is moving millions of dollars to local credit unions". Fast Company. Retrieved 27 April 2021.
  16. ^ "Personal finance firm NerdWallet valued at $1.5 bln in strong market debut". Reuters. 4 November 2021.
  17. ^ a b c Hall, Gina (May 12, 2015). "Financial Advising startup NerdWallet Raised $64 Million in Series A". Silicon Valley Business Journal. Retrieved June 30, 2015.
  18. ^ CreditLoan Team (February 27, 2019). "Everything You Need to Know About NerdWallet". Credit Loan. Retrieved 2019-08-07.
  19. ^ a b Shieber, Jonathan (May 11, 2015). "Scorching FinTech Market". Tech Crunch. Retrieved June 28, 2015.
  20. ^ Ryssdal, Kai; Purser, Bennett (September 19, 2018). "NerdWallet wants to help you with finance". Marketplace. Retrieved December 6, 2018.
  21. ^ Ha, Anthony (24 March 2014). "Former LinkedIn VP Dan Yoo Joins NerdWallet as COO". TechCrunch. Retrieved 25 March 2014.
  22. ^ Halloran, Michael (May 15, 2015). "NerdWallet Gets $64 Million on Road to $1 Billion Valuation as Money Pours into Fintech". TheStreet. Retrieved June 30, 2015.
  23. ^ Thier, Jane (December 17, 2020). "NerdWallet taps eBay CFO". CFO Dive. Retrieved 27 April 2021.

External links[]

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