Company:NerdWallet

From HandWiki
NerdWallet, Inc.
Type of businessPublic
Traded as
FoundedAugust 2009; 16 years ago (2009-08)
HeadquartersSan Francisco, California, U.S.
Created by
  • Tim Chen
  • Jacob Gibson
Key peopleTim Chen (CEO)
IndustryPersonal finance, fintech
RevenueIncrease US$539 million (2022)
Operating incomeIncrease −US$19 million (2022)
Net incomeIncrease −US$10 million (2022)
Total assetsIncrease US$426 million (2022)
Total equityIncrease US$342 million (2022)
Employees770 (2022)
Websitenerdwallet.com
[1]

NerdWallet is an American personal finance company, founded in 2009 by Tim Chen and Jacob Gibson. It has 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.[2][3] Its first product was a web application that provided comparative information about credit cards.[4] Subsequently, it generated large quantities of content to help boost its search engine results.[5][6] Website traffic grew quickly in 2010[7] and, by March 2014, the website had up to 30 million users.[4] The following year, it raised $64 million in its first round of funding, at an estimated valuation of $500 million.[2][4][8]

In 2016, the company acquired the retirement planning firm AboutLife, and was valued at $520 million.[7][9][10]

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[11] In November 2020, NerdWallet acquired small business loan marketplace, Fundera.[12] 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.[13] In November 2021, the company went public on the Nasdaq stock exchange.[14]

In July 2022, NerdWallet acquired On the Barrelhead, a consumer debt robo-advisor platform, for $120 million.[15][16] In May 2023, Yahoo! Finance reported that NerdWallet's platform had an average of 23 million monthly users.[17]

Products and services

The company's goal is to provide information that educates users in making financial decisions.[18] NerdWallet's website and app feature comparison tools for financial products such as credit cards, checking accounts, and mortgages,[18] as well as loan, net-worth, and credit-score calculators.[19] NerdWallet staff also produce articles about financial topics such as investing, retirement planning, and taxes.[5][20]

By May 2015, the company developed business relationships with eight banks and a dozen insurance companies.[18] In exchange for new customers, affiliated banks pay NerdWallet a success fee.[4] Co-founder Chen reported that the company became profitable by virtue of the fees it earned through matching users with financial products and services.[8]

In October 2020, NerdWallet acquired Fundera, a company that provides loans to small and medium-sized businesses.[21] Fundera operates as a subsidiary of NerdWallet.[22] In 2022, NerdWallet acquired On the Barrelhead, a fintech company that generates loan and credit recommendations for individuals and small and medium-sized businesses. Upon acquisition, NerdWallet began to integrate On the Barrelhead's technology into its own products.[23]

Administration

Tim Chen is the CEO and co-founder of NerdWallet.[10][24] Company leadership also includes Lauren StClair (CFO),[25] Kevin Yuann (CBO),[26] and Lynee Luque (CPO).[27] As of January 2023, the company had 770 employees.[1]

Following the dismissal of 11 employees in December 2013, NerdWallet reorganized its leadership structure. Former LinkedIn VP Dan Yoo was hired as its COO in March 2014. Yoo created a complex internal reporting system that necessitated more frequent communication among previously atomized department heads.[10][28] By 2015, NerdWallet had 200 employees and added Vikram Pandit and James D. Robinson III to its board of advisors.[29][30] In April 2017, the company underwent further reorganization, laying off over 40 employees, including its VP of growth. As part of this move, the company announced Yoo would transition from full-time employment into an advisory role.[31]

In 2020, NerdWallet added Lynne Laube and Jennifer Ceran to its board of directors.[32]

See also

References

  1. ↑ 1.0 1.1 "NerdWallet Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 23, 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/1625278/000162527823000021/nrds-20221231.htm. 
  2. ↑ 2.0 2.1 Shieber, Johnathan (May 11, 2015). "Scorching FinTech Market Keeps Attracting New Players as NerdWallet Raises $64 Million". Tech Crunch. https://techcrunch.com/2015/05/11/scorching-fintech-market-keeps-attracting-new-players-as-nerdwallet-raises-64-million/. 
  3. ↑ Saranow Schultz, Jennifer (August 25, 2010). "A New Way to Shop for Credit Cards". The New York Times. http://bucks.blogs.nytimes.com/2010/08/25/a-new-way-to-shop-for-credit-cards/. 
  4. ↑ 4.0 4.1 4.2 4.3 Tansey, Bernadette (May 21, 2015). "NerdWallet's Big Ambitions". Xconomy. http://www.xconomy.com/san-francisco/2015/05/21/nerdwallets-big-ambitions-personal-finance-app-aims-for-dominance/?single_page=true. 
  5. ↑ 5.0 5.1 Aspan, Maria (February 2016). "The $520 Million Company That's Solving All Your Financial Needs". Inc.. http://www.inc.com/magazine/201602/maria-aspan/nerdwallet-co-founder-tim-chen-on-trials-of-leadership.html. Retrieved March 28, 2016. 
  6. ↑ Rose, Jeff (April 20, 2010). "Interview with Tim Chen, Founder of NerdWallet". Good Financial Cents. http://www.goodfinancialcents.com/interview-with-tim-chen-founder-of-nerdwallet/. 
  7. ↑ 7.0 7.1 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.com. https://www.cnbc.com/2018/05/09/tim-chen-started-500-million-company-nerdwallet-with-800.html. 
  8. ↑ 8.0 8.1 McBride, Sarah (May 11, 2015). "Update 1—Startup NerdWallet raises $64 million in first round of funding". Reuters. https://www.reuters.com/article/idUSKBN0NW25G20150511. 
  9. ↑ Yeung, Ken (June 28, 2016). "NerdWallet acquires AboutLife to expand into retirement planning services". VentureBeat. https://venturebeat.com/2016/06/28/nerdwallet-acquires-aboutlife-to-expand-into-retirement-planning-services/. 
  10. ↑ 10.0 10.1 10.2 Aspan, Maria (January 20, 2016). "The $520 Million Company That's Solving All Your Financial Needs". Inc.. https://www.inc.com/magazine/201602/maria-aspan/nerdwallet-co-founder-tim-chen-on-trials-of-leadership.html. 
  11. ↑ Lunden, Ingrid (August 27, 2020). "NerdWallet acquires UK's Know Your Money as it expands outside the US". TechCrunch. https://techcrunch.com/2020/08/27/nerdwallet-acquires-uks-know-your-money-as-it-expands-outside-the-us/. 
  12. ↑ Ha, Anthony (November 2, 202). "NerdWallet acquires small business loan marketplace Fundera". TechCrunch. https://techcrunch.com/2020/11/02/nerdwallet-acquires-fundera/. 
  13. ↑ Peters, Adele (March 9, 2021). "Nerdwallet is moving millions of dollars to local credit unions". Fast Company. https://www.fastcompany.com/90612915/nerdwallet-is-moving-millions-of-dollars-to-local-credit-unions. 
  14. ↑ "Personal finance firm NerdWallet valued at $1.5 bln in strong market debut". Reuters. November 4, 2021. https://www.reuters.com/lifestyle/wealth/personal-finance-firm-nerdwallet-valued-15-bln-strong-market-debut-2021-11-04/. 
  15. ↑ Chakraborthy, Vaibhav (July 11, 2022). "NerdWallet closes acquisition of On the Barrelhead". S&P Global. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/nerdwallet-closes-acquisition-of-on-the-barrelhead-71124799. 
  16. ↑ PYMNTS (June 24, 2022). "NerdWallet Signs $120M On The Barrelhead Deal". Pymnts.com. https://www.pymnts.com/acquisitions/2022/nerdwallet-signs-120m-deal-for-on-the-barrelhead/. 
  17. ↑ Naysmith, Caleb (June 2, 2023). "This 35-year-old Man Was Unemployed When He Founded NerdWallet — A $738 Million Company". Yahoo. https://finance.yahoo.com/news/35-old-man-unemployed-founded-202603511.html. 
  18. ↑ 18.0 18.1 18.2 Hall, Gina (May 12, 2015). "Financial Advising startup NerdWallet Raised $64 Million in Series A". Silicon Valley Business Journal. http://www.bizjournals.com/sanjose/blog/techflash/2015/05/financial-advising-startup-nerdwallet-raised-64.html. 
  19. ↑ Yakal, Kathy (July 31, 2023). "NerdWallet Review". PC Mag. https://www.pcmag.com/reviews/nerdwallet. 
  20. ↑ Malito, Alessandra (April 8, 2016). "Why financial advisers want to become online rock stars on Investopedia and NerdWallet". Investment News. https://www.investmentnews.com/why-financial-advisers-want-to-become-online-rock-stars-on-investopedia-and-nerdwallet-66753. 
  21. ↑ Hinchliffe, Ruby (November 5, 2020). "NerdWallet makes second acquisition in 2020 with Fundera". Fintech Futures. https://www.fintechfutures.com/2020/11/nerdwallet-makes-second-acquisition-in-2020-with-fundera/. 
  22. ↑ Ha, Anthony (November 2, 2020). "NerdWallet acquires small business loan marketplace Fundera". TechCrunch. https://techcrunch.com/2020/11/02/nerdwallet-acquires-fundera/. 
  23. ↑ Wentling, Nina (June 27, 2022). "Durango fintech company sells to NerdWallet for $120M". Denver Business Journal. https://www.bizjournals.com/denver/news/2022/06/27/nerdwallet-acquires-on-the-barrelhead-colorado.html. 
  24. ↑ Ryssdal, Kai; Purser, Bennett (September 19, 2018). "NerdWallet wants to help you with finance". Marketplace. http://www.marketplace.org/2018/09/19/world/corner-office-marketplace/nerdwallet-here-help-you-finance. 
  25. ↑ "Lauren StClair Chief Financial Officer, NerdWallet Inc". Bloomberg. 2023. https://www.bloomberg.com/profile/person/22549781#xj4y7vzkg. 
  26. ↑ "Kevin Yuann Chief Business Officer, NerdWallet Inc". Bloomberg. 2023. https://www.bloomberg.com/profile/person/22554586#xj4y7vzkg. 
  27. ↑ "Lynee Luque Chief People Officer, NerdWallet Inc". Bloomberg. 2023. https://www.bloomberg.com/profile/person/22632287#xj4y7vzkg. 
  28. ↑ Ha, Anthony (March 24, 2014). "Former LinkedIn VP Dan Yoo Joins NerdWallet as COO". TechCrunch. https://techcrunch.com/2014/03/24/nerdwallet-dan-yoo-florence-thinh/. 
  29. ↑ Shieber, Jonathan (May 11, 2015). "Scorching FinTech Market". Tech Crunch. https://techcrunch.com/2015/05/11/scorching-fintech-market-keeps-attracting-new-players-as-nerdwallet-raises-64-million/. 
  30. ↑ Halloran, Michael (May 15, 2015). "NerdWallet Gets $64 Million on Road to $1 Billion Valuation as Money Pours into Fintech". TheStreet. http://www.thestreet.com/story/13152746/1/nerdwallet-gets-64-million-on-road-to-1-billion-valuation-as-money-pours-into-fintech.html. 
  31. ↑ Dickey, Megan Rose (April 20, 2017). "NerdWallet just laid off over 40 people, including its VP of growth". TechCrunch. https://techcrunch.com/2017/04/20/nerdwallet-just-laid-off-over-40-people-including-its-vp-of-growth/. 
  32. ↑ Thier, Jane (December 17, 2020). "NerdWallet taps eBay CFO". CFO Dive. https://www.cfodive.com/news/nerdwallet-Lauren-St-Clair-ebay/592400/. 



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