Company:NerdWallet

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Short description: American personal finance company
NerdWallet, Inc.
Nerdwallet Horizontal Logo.svg
Type of businessPrivate
FoundedAugust 2009; 15 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]
Websitenerdwallet.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]

Products and services

The company's goal is to provide information that educates users in making financial decisions.[16] They do so by providing both reviews and comparison of different financial products, including credit cards, banking, investing, loans and insurance.[17] 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.[16][18]

By May 2015, the company developed business relationships with eight banks and a dozen insurance companies.[16] 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][19] 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.[20] By 2015, the company had 200 employees and added Vikram Pandit and James D. Robinson III to its board of advisors.[18][21]

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.[22]

See also

References

  1. ↑ Keefe, Josh (October 17, 2017). "NerdWallet CEO on How City Life Changes the Financial Goals of Millennials". International Business Times. https://www.ibtimes.com/nerdwallet-ceo-how-city-life-changes-financial-goals-millennials-2602597. 
  2. ↑ "100 Best Medium Workplaces: Rank 17: NerdWallet" (in en). https://fortune.com/best-medium-workplaces/2020/nerdwallet/. 
  3. ↑ 3.0 3.1 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/. 
  4. ↑ 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/. 
  5. ↑ 5.0 5.1 5.2 5.3 5.4 Tansey, Bernadette (21 May 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. 
  6. ↑ 6.0 6.1 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. 
  7. ↑ 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/. 
  8. ↑ 8.0 8.1 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. https://www.cnbc.com/2018/05/09/tim-chen-started-500-million-company-nerdwallet-with-800.html. 
  9. ↑ 9.0 9.1 McBride, Sarah (May 11, 2015). "UPDATE 1-Startup NerdWallet raises $64 million in first round of funding". Reuters. https://www.reuters.com/article/idUSKBN0NW25G20150511. 
  10. ↑ 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/. 
  11. ↑ 11.0 11.1 Aspan, Maria (January 20, 2016). "The $520 Million Company That's Solving All Your Financial Needs". https://www.inc.com/magazine/201602/maria-aspan/nerdwallet-co-founder-tim-chen-on-trials-of-leadership.html. 
  12. ↑ Dickey, Megan Rose (November 16, 2017). "NerdWallet lays off 11 percent of staff due to missing profitability goals". TechCrunch. http://social.techcrunch.com/2017/11/16/nerdwallet-lays-off-about-11-percent-of-staff-due-to-missing-profitability-goals/. 
  13. ↑ 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/. 
  14. ↑ Ha, Anthony (November 2, 202). "NerdWallet acquires small business loan marketplace Fundera". TechCrunch. https://techcrunch.com/2020/11/02/nerdwallet-acquires-fundera/. 
  15. ↑ Peters, Adele (March 9, 2021). "Nerdwallet is moving millions of dollars to local credit unions". https://www.fastcompany.com/90612915/nerdwallet-is-moving-millions-of-dollars-to-local-credit-unions. 
  16. ↑ 16.0 16.1 16.2 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. 
  17. ↑ CreditLoan Team (February 27, 2019). "Everything You Need to Know About NerdWallet". Credit Loan. https://www.creditloan.com/blog/nerdwallet-everything-you-need-to-know/. 
  18. ↑ 18.0 18.1 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/. 
  19. ↑ Ryssdal, Kai; Purser, Bennett (September 19, 2018). "NerdWallet wants to help you with finance". http://www.marketplace.org/2018/09/19/world/corner-office-marketplace/nerdwallet-here-help-you-finance. 
  20. ↑ Ha, Anthony (24 March 2014). "Former LinkedIn VP Dan Yoo Joins NerdWallet as COO". TechCrunch. https://techcrunch.com/2014/03/24/nerdwallet-dan-yoo-florence-thinh/. 
  21. ↑ 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. 
  22. ↑ Thier, Jane (December 17, 2020). "NerdWallet taps eBay CFO". https://www.cfodive.com/news/nerdwallet-Lauren-St-Clair-ebay/592400/. 

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