NerdWallet
| Company type | Public |
|---|---|
| Industry | Personal finance, Financial technology |
| Founded | 2009 |
| Founder | Tim Chen, Jacob Gibson |
| Headquarters | San Francisco , United States |
Area served | United States, United Kingdom |
Key people | Tim Chen (CEO), Lauren StClair (CFO), Kevin Yuann (CBO), Lynee Luque (CPO) |
| Products | Personal finance website and mobile application; financial product comparison tools; financial content and calculators |
Number of employees | 770 (2023) |
| Website | www |
NerdWallet is a U.S.-based personal finance enterprise established in 2009 by Tim Chen and Jacob Gibson. It operates both a website and a mobile application that generate income by endorsing various financial products.
History
Launched in August 2009 with an initial capital of $800, NerdWallet's inaugural offering was a web tool designed to compare credit cards. The company prioritized creating comprehensive content to boost its search engine rankings, rapidly expanding its audience to 30 million users by March 2014. In 2015, it secured $64 million during its first round of funding, which valued the company around $500 million.
In 2016, NerdWallet expanded its service portfolio by acquiring AboutLife, a firm specializing in retirement planning, which increased the company's valuation to $520 million. The firm's growth strategy also involved entering new markets; in August 2020, it expanded into the United Kingdom through the acquisition of Know Your Money, a Norwich-based startup providing comparable financial comparison services. Later that year, NerdWallet further extended its reach by purchasing Fundera, a marketplace for small business loans, thereby strengthening its position in business financing.
In 2021, the company collaborated with Inclusiv to allocate millions toward local credit unions as part of its efforts to promote financial inclusion under its corporate social responsibility programs. That November marked NerdWallet's initial public offering on the Nasdaq stock exchange, reaching a market valuation of $1.5 billion.
Continuing its acquisition approach, NerdWallet bought On the Barrelhead—a robo-advisor platform for consumer debt management—for $120 million in July 2022. By mid-2023, the platform was attracting an average of 23 million users monthly, demonstrating ongoing expansion and influence within the market.
Products and services
NerdWallet’s mission is to empower consumers with financial knowledge via its digital platforms. It provides comparison tools for credit cards, checking accounts, mortgages, as well as calculators for loans, net worth, and credit scores. Additionally, the company produces articles covering topics such as investing, retirement planning, and taxation to enrich its content offerings.
By May 2015, NerdWallet had forged partnerships with eight banking institutions and approximately twelve insurance providers. Its revenue model relies on affiliate success fees paid upon customer referrals. According to co-founder Chen, these referral commissions were instrumental in achieving profitability.
In October 2020, NerdWallet diversified its operations by acquiring Fundera—a lending marketplace targeting small and medium-sized businesses—which now functions as a subsidiary. In 2022, the company further expanded by purchasing fintech firm On the Barrelhead for $120 million, incorporating its loan and credit recommendation technologies into NerdWallet’s suite of products.
Administration
Tim Chen serves as co-founder and CEO, steering NerdWallet’s strategic vision. Other key executives include Lauren StClair (CFO), Kevin Yuann (CBO), and Lynee Luque (CPO). As of January 2023, the workforce numbered approximately 770 employees.
Following the termination of 11 staff members in December 2013, NerdWallet restructured its leadership team and recruited former LinkedIn VP Dan Yoo as COO in March 2014. Yoo introduced a comprehensive internal reporting framework that improved interdepartmental communication. By 2015, the company had grown to a headcount of 200 and added Vikram Pandit along with James D. Robinson III to its advisory board. In April 2017, over 40 employees were laid off—including the VP of growth—with Yoo transitioning into an advisory capacity.
In 2020, Lynne Laube and Jennifer Ceran joined NerdWallet’s board of directors to enhance governance and strategic oversight.
See also
External links
- Articles with short description
- 2009 establishments in California
- 2021 initial public offerings
- American companies established in 2009
- Companies based in San Francisco
- Companies listed on the Nasdaq
- Finance websites
- Financial services companies based in California
- Financial technology companies
- Online financial services companies of the United States
- Personal finance education
- Companies of the United States by year of establishment
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