NerdWallet

NerdWallet was founded in August 2009 by Tim Chen and Jacob Gibson, with an initial capital investment of $800.{{cite news |last=Shieber |first=Johnathan |title=Scorching FinTech Market Keeps Attracting New Players as NerdWallet Raises $64 Million |url=https://techcrunch.com/2015/05/11/scorching-fintech-market-keeps-attracting-new-players-as-nerdwallet-raises-64-million/ |work=Tech Crunch |date=May 11, 2015 |access-date=June 25, 2017 |archive-date=July 7, 2017 |archive-url=https://web.archive.org/web/20170707231959/https://techcrunch.com/2015/05/11/scorching-fintech-market-keeps-attracting-new-players-as-nerdwallet-raises-64-million/ |url-status=live }}{{cite news |last=Saranow Schultz |first=Jennifer |date=August 25, 2010 |title=A New Way to Shop for Credit Cards |url= http://bucks.blogs.nytimes.com/2010/08/25/a-new-way-to-shop-for-credit-cards/ |archive-url= https://web.archive.org/web/20100827200320/https://bucks.blogs.nytimes.com/2010/08/25/a-new-way-to-shop-for-credit-cards/ |archive-date=August 27, 2010 |department=Bucks Blog |work=The New York Times |access-date=January 7, 2014}} Its first product was a web application that provided comparative information about credit cards.{{cite web |last=Tansey |first=Bernadette |date=May 21, 2015 |title=NerdWallet's Big Ambitions |url=http://www.xconomy.com/san-francisco/2015/05/21/nerdwallets-big-ambitions-personal-finance-app-aims-for-dominance/?single_page=true |work=Xconomy |access-date=June 28, 2015 |archive-date=June 30, 2015 |archive-url=https://web.archive.org/web/20150630204453/http://www.xconomy.com/san-francisco/2015/05/21/nerdwallets-big-ambitions-personal-finance-app-aims-for-dominance/?single_page=true |url-status=live }} Subsequently, it generated large quantities of content to help boost its search engine results.{{cite magazine |last=Aspan |first=Maria |date=February 2016 |title=The $520 Million Company That's Solving All Your Financial Needs |url=http://www.inc.com/magazine/201602/maria-aspan/nerdwallet-co-founder-tim-chen-on-trials-of-leadership.html |magazine=Inc. |access-date=March 28, 2016 |archive-date=March 22, 2016 |archive-url=https://web.archive.org/web/20160322214430/http://www.inc.com/magazine/201602/maria-aspan/nerdwallet-co-founder-tim-chen-on-trials-of-leadership.html |url-status=live }}{{cite news |last=Rose |first=Jeff |date=April 20, 2010 |title=Interview with Tim Chen, Founder of NerdWallet |url= http://www.goodfinancialcents.com/interview-with-tim-chen-founder-of-nerdwallet/ |archive-url= https://web.archive.org/web/20100423080657/http://www.goodfinancialcents.com/interview-with-tim-chen-founder-of-nerdwallet/ |archive-date=April 23, 2010 |work=Good Financial Cents}} Website traffic grew quickly in 2010{{cite news |last=Huddleston |first=Tom Jr. |date=May 9, 2018 |title=After being laid off, this 35-year-old founded NerdWallet with $800 - now it's worth $500 million |work=CNBC.com |url=https://www.cnbc.com/2018/05/09/tim-chen-started-500-million-company-nerdwallet-with-800.html |access-date=August 18, 2018 |archive-date=August 29, 2022 |archive-url=https://web.archive.org/web/20220829105248/https://www.cnbc.com/2018/05/09/tim-chen-started-500-million-company-nerdwallet-with-800.html |url-status=live }} and, by March 2014, the website had up to 30 million users. The following year, it raised $64 million in its first round of funding, at an estimated valuation of $500 million.{{cite news |last=McBride |first=Sarah |date=May 11, 2015 |title=Update 1—Startup NerdWallet raises $64 million in first round of funding |url=https://www.reuters.com/article/idUSKBN0NW25G20150511 |work=Reuters |access-date=June 30, 2021 |archive-date=July 9, 2021 |archive-url=https://web.archive.org/web/20210709181631/https://www.reuters.com/article/idUSKBN0NW25G20150511 |url-status=live }}

In 2016, the company acquired the retirement planning firm AboutLife, and was valued at $520 million.{{cite web |last=Yeung |first=Ken |date=June 28, 2016 |title=NerdWallet acquires AboutLife to expand into retirement planning services |work=VentureBeat |url=https://venturebeat.com/2016/06/28/nerdwallet-acquires-aboutlife-to-expand-into-retirement-planning-services/ |access-date=August 18, 2018 |archive-date=July 8, 2016 |archive-url=https://web.archive.org/web/20160708213238/https://venturebeat.com/2016/06/28/nerdwallet-acquires-aboutlife-to-expand-into-retirement-planning-services/ |url-status=live }}

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{{cite web |last=Lunden |first=Ingrid |date=August 27, 2020 |title=NerdWallet acquires UK's Know Your Money as it expands outside the US |url=https://techcrunch.com/2020/08/27/nerdwallet-acquires-uks-know-your-money-as-it-expands-outside-the-us/ |work=TechCrunch |access-date=April 27, 2021 |archive-date=April 27, 2021 |archive-url=https://web.archive.org/web/20210427151210/https://techcrunch.com/2020/08/27/nerdwallet-acquires-uks-know-your-money-as-it-expands-outside-the-us/ |url-status=live }} In November 2020, NerdWallet acquired small business loan marketplace, Fundera.{{cite web |last=Ha |first=Anthony |date=November 2, 202 |title=NerdWallet acquires small business loan marketplace Fundera |url=https://techcrunch.com/2020/11/02/nerdwallet-acquires-fundera/ |work=TechCrunch |access-date=April 27, 2021 |archive-date=April 27, 2021 |archive-url=https://web.archive.org/web/20210427151209/https://techcrunch.com/2020/11/02/nerdwallet-acquires-fundera/ |url-status=live }}

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.{{cite web |last=Peters |first=Adele |date=March 9, 2021 |title=Nerdwallet is moving millions of dollars to local credit unions |url=https://www.fastcompany.com/90612915/nerdwallet-is-moving-millions-of-dollars-to-local-credit-unions |work=Fast Company |access-date=April 27, 2021 |archive-date=April 27, 2021 |archive-url=https://web.archive.org/web/20210427151210/https://www.fastcompany.com/90612915/nerdwallet-is-moving-millions-of-dollars-to-local-credit-unions |url-status=live }} In November 2021, the company went public on the Nasdaq stock exchange.{{cite news |title=Personal finance firm NerdWallet valued at $1.5 bln in strong market debut |url=https://www.reuters.com/lifestyle/wealth/personal-finance-firm-nerdwallet-valued-15-bln-strong-market-debut-2021-11-04/ |work=Reuters |date=November 4, 2021 |access-date=November 7, 2021 |archive-date=November 17, 2021 |archive-url=https://web.archive.org/web/20211117152959/https://www.reuters.com/lifestyle/wealth/personal-finance-firm-nerdwallet-valued-15-bln-strong-market-debut-2021-11-04/ |url-status=live }}

In July 2022, NerdWallet acquired On the Barrelhead, a consumer debt robo-advisor platform, for $120 million.{{Cite web |last=Chakraborthy |first=Vaibhav |date=July 11, 2022 |title=NerdWallet closes acquisition of On the Barrelhead |url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/nerdwallet-closes-acquisition-of-on-the-barrelhead-71124799 |publisher=S&P Global |access-date=December 1, 2023 |archive-date=February 4, 2024 |archive-url=https://archive.today/20240204024537/https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/nerdwallet-closes-acquisition-of-on-the-barrelhead-71124799 |url-status=live }}{{Cite web |last=PYMNTS |date=June 24, 2022 |title=NerdWallet Signs $120M On The Barrelhead Deal |url=https://www.pymnts.com/acquisitions/2022/nerdwallet-signs-120m-deal-for-on-the-barrelhead/ |access-date=July 15, 2022 |work=Pymnts.com |archive-date=July 16, 2022 |archive-url=https://web.archive.org/web/20220716082906/https://www.pymnts.com/acquisitions/2022/nerdwallet-signs-120m-deal-for-on-the-barrelhead/ |url-status=live }} In May 2023, Yahoo! Finance reported that NerdWallet's platform had an average of 23 million monthly users.{{cite news |last=Naysmith |first=Caleb |date=June 2, 2023 |title=This 35-year-old Man Was Unemployed When He Founded NerdWallet — A $738 Million Company |url=https://finance.yahoo.com/news/35-old-man-unemployed-founded-202603511.html |work=Yahoo |access-date=August 1, 2023 |archive-date=June 5, 2023 |archive-url=https://web.archive.org/web/20230605110810/https://finance.yahoo.com/news/35-old-man-unemployed-founded-202603511.html |url-status=live }}

The company's goal is to provide information that educates users in making financial decisions.{{cite news |last=Hall |first=Gina |date=May 12, 2015 |title=Financial Advising startup NerdWallet Raised $64 Million in Series A |url=http://www.bizjournals.com/sanjose/blog/techflash/2015/05/financial-advising-startup-nerdwallet-raised-64.html |access-date=June 30, 2015 |newspaper=Silicon Valley Business Journal |archive-date=May 16, 2015 |archive-url=https://web.archive.org/web/20150516124015/http://www.bizjournals.com/sanjose/blog/techflash/2015/05/financial-advising-startup-nerdwallet-raised-64.html |url-status=live }} NerdWallet's website and app feature comparison tools for financial products such as credit cards, checking accounts, and mortgages, as well as loan, net-worth, and credit-score calculators.{{cite web |last=Yakal |first=Kathy |date=July 31, 2023 |title=NerdWallet Review |url=https://www.pcmag.com/reviews/nerdwallet |work=PC Mag |access-date=September 25, 2023 |archive-date=August 21, 2023 |archive-url=https://web.archive.org/web/20230821195634/https://www.pcmag.com/reviews/nerdwallet |url-status=live }} NerdWallet staff also produce articles about financial topics such as investing, retirement planning, and taxes.{{cite news |last=Malito |first=Alessandra |date=April 8, 2016 |title=Why financial advisers want to become online rock stars on Investopedia and NerdWallet |url=https://www.investmentnews.com/why-financial-advisers-want-to-become-online-rock-stars-on-investopedia-and-nerdwallet-66753 |work=Investment News |access-date=September 25, 2023 |archive-date=November 13, 2023 |archive-url=https://web.archive.org/web/20231113170820/https://www.investmentnews.com/why-financial-advisers-want-to-become-online-rock-stars-on-investopedia-and-nerdwallet-66753 |url-status=live }}

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

In October 2020, NerdWallet acquired Fundera, a company that provides loans to small and medium-sized businesses.{{cite news |last=Hinchliffe |first=Ruby |date=November 5, 2020 |title=NerdWallet makes second acquisition in 2020 with Fundera |url=https://www.fintechfutures.com/2020/11/nerdwallet-makes-second-acquisition-in-2020-with-fundera/ |work=Fintech Futures |access-date=September 25, 2023 |archive-date=October 31, 2023 |archive-url=https://web.archive.org/web/20231031160107/https://www.fintechfutures.com/2020/11/nerdwallet-makes-second-acquisition-in-2020-with-fundera/ |url-status=live }} Fundera operates as a subsidiary of NerdWallet.{{cite web |last=Ha |first=Anthony |title=NerdWallet acquires small business loan marketplace Fundera |url=https://techcrunch.com/2020/11/02/nerdwallet-acquires-fundera/ |work=TechCrunch |date=November 2, 2020 |access-date=April 27, 2021 |archive-date=April 27, 2021 |archive-url=https://web.archive.org/web/20210427151209/https://techcrunch.com/2020/11/02/nerdwallet-acquires-fundera/ |url-status=live }} 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.{{cite news |last=Wentling |first=Nina |date=June 27, 2022 |title=Durango fintech company sells to NerdWallet for $120M |url=https://www.bizjournals.com/denver/news/2022/06/27/nerdwallet-acquires-on-the-barrelhead-colorado.html |work=Denver Business Journal |access-date=September 25, 2023 |archive-date=February 4, 2024 |archive-url=https://archive.today/20240204025357/https://www.bizjournals.com/denver/news/2022/06/27/nerdwallet-acquires-on-the-barrelhead-colorado.html |url-status=live }}

Tim Chen is the CEO and co-founder of NerdWallet.{{cite web |last=Aspan |first=Maria |date=January 20, 2016 |title=The $520 Million Company That's Solving All Your Financial Needs |url=https://www.inc.com/magazine/201602/maria-aspan/nerdwallet-co-founder-tim-chen-on-trials-of-leadership.html |work=Inc. |access-date=August 18, 2018 |archive-date=August 29, 2022 |archive-url=https://web.archive.org/web/20220829105249/https://www.inc.com/magazine/201602/maria-aspan/nerdwallet-co-founder-tim-chen-on-trials-of-leadership.html |url-status=live }}{{cite web |last1=Ryssdal |first1=Kai |last2=Purser |first2=Bennett |date=September 19, 2018 |title=NerdWallet wants to help you with finance |url=http://www.marketplace.org/2018/09/19/world/corner-office-marketplace/nerdwallet-here-help-you-finance |work=Marketplace |access-date=December 6, 2018 |archive-date=December 19, 2018 |archive-url=https://web.archive.org/web/20181219182203/https://www.marketplace.org/2018/09/19/world/corner-office-marketplace/nerdwallet-here-help-you-finance |url-status=live }} Company leadership also includes Lauren StClair (CFO),{{cite web |date=2023 |title=Lauren StClair Chief Financial Officer, NerdWallet Inc |url=https://www.bloomberg.com/profile/person/22549781#xj4y7vzkg |work=Bloomberg |access-date=July 7, 2023 |archive-date=February 4, 2024 |archive-url=https://web.archive.org/web/20240204023953/https://www.bloomberg.com/profile/person/22549781#xj4y7vzkg |url-status=live }} Kevin Yuann (CBO),{{cite web |date=2023 |title=Kevin Yuann Chief Business Officer, NerdWallet Inc |url=https://www.bloomberg.com/profile/person/22554586#xj4y7vzkg |work=Bloomberg |access-date=July 7, 2023}} and Lynee Luque (CPO).{{cite web |date=2023 |title=Lynee Luque Chief People Officer, NerdWallet Inc |url=https://www.bloomberg.com/profile/person/22632287#xj4y7vzkg |work=Bloomberg |access-date=July 7, 2023 |archive-date=February 4, 2024 |archive-url=https://web.archive.org/web/20240204023955/https://www.bloomberg.com/profile/person/22632287#xj4y7vzkg |url-status=live }} As of January 2023, the company had 770 employees.{{cite web |date=February 23, 2023 |title=NerdWallet Inc. 2022 Annual Report (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1625278/000162527823000021/nrds-20221231.htm |publisher=U.S. Securities and Exchange Commission |access-date=June 22, 2023}}

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.{{cite news |last=Ha |first=Anthony |date=March 24, 2014 |title=Former LinkedIn VP Dan Yoo Joins NerdWallet as COO |url=https://techcrunch.com/2014/03/24/nerdwallet-dan-yoo-florence-thinh/ |work=TechCrunch |access-date=March 25, 2014 |archive-date=March 25, 2014 |archive-url=https://web.archive.org/web/20140325024450/http://techcrunch.com/2014/03/24/nerdwallet-dan-yoo-florence-thinh/ |url-status=live }} By 2015, NerdWallet had 200 employees and added Vikram Pandit and James D. Robinson III to its board of advisors.{{cite web |last=Shieber |first=Jonathan |date=May 11, 2015 |title=Scorching FinTech Market |url=https://techcrunch.com/2015/05/11/scorching-fintech-market-keeps-attracting-new-players-as-nerdwallet-raises-64-million/ |work=Tech Crunch |access-date=June 28, 2015 |archive-date=June 22, 2015 |archive-url=https://web.archive.org/web/20150622174917/http://techcrunch.com/2015/05/11/scorching-fintech-market-keeps-attracting-new-players-as-nerdwallet-raises-64-million/ |url-status=live }}{{cite news |last=Halloran |first=Michael |date=May 15, 2015 |title=NerdWallet Gets $64 Million on Road to $1 Billion Valuation as Money Pours into Fintech |url=http://www.thestreet.com/story/13152746/1/nerdwallet-gets-64-million-on-road-to-1-billion-valuation-as-money-pours-into-fintech.html |access-date=June 30, 2015 |work=TheStreet |archive-date=May 18, 2015 |archive-url=https://web.archive.org/web/20150518033934/http://www.thestreet.com/story/13152746/1/nerdwallet-gets-64-million-on-road-to-1-billion-valuation-as-money-pours-into-fintech.html |url-status=live }} 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.{{cite news |last=Dickey |first=Megan Rose |title=NerdWallet just laid off over 40 people, including its VP of growth |url=https://techcrunch.com/2017/04/20/nerdwallet-just-laid-off-over-40-people-including-its-vp-of-growth/ |access-date=June 20, 2023 |work=TechCrunch |date=April 20, 2017 |archive-date=February 4, 2024 |archive-url=https://archive.today/20240204025056/https://techcrunch.com/2017/04/20/nerdwallet-just-laid-off-over-40-people-including-its-vp-of-growth/ |url-status=live }}

In 2020, NerdWallet added Lynne Laube and Jennifer Ceran to its board of directors.{{cite web |last=Thier |first=Jane |date=December 17, 2020 |title=NerdWallet taps eBay CFO |url=https://www.cfodive.com/news/nerdwallet-Lauren-St-Clair-ebay/592400/ |work=CFO Dive |access-date=April 27, 2021 |archive-date=April 27, 2021 |archive-url=https://web.archive.org/web/20210427151210/https://www.cfodive.com/news/nerdwallet-Lauren-St-Clair-ebay/592400/ |url-status=live }}

• AwardWallet
• Bankrate
• CreditKarma
• Intuit Mint
• LendingTree
• Money (financial website)
• WalletHub

{{Reflist}}

• {{Official website|http://NerdWallet.com}}

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