NerdWallet

NerdWallet is an American, personal finance, information service.The company provides information and comparison tools to consumers preparing to make financial decisions. It was founded in 2009 as a web application and by 2015 had 200 employees and $64 million in funding.

History

NerdWallet was founded in August 2009 by CEO Tim Chen and Jacob Gibson.[1] Its first product was a web application that gave comparative information about credit cards being offered by banks.[2] In exchange for new customers, the sponsoring banks paid NerdWallet a success fee.[2] CNNMoney listed NerdWallet on its Top 20 Best Money Sites in 2010[3] and a 2014 The New York Times article described the website as "worth a look."[1]

In March 2014, former LinkedIn VP Dan Yoo replaced co-founder Gibson, as chief operating officer. Flo Thinh joined as VP of Talent[4] and the company drew 30 million users to its website.[2] By 2015 the company had 200 employees and added Vikram Pandit and James D. Robinson III to its board of advisors.[5][6] That year it raised $64 million in its first round of funding at an estimated valuation of $500 million[2][7] and acquired a $36 million revolving loan.[8] By May 2015 the company had developed business relationships with eight banks and a dozen insurance companies.[7] Co-founder Chen reported that the company was profitable by virtue of the fees it earned matching users with financial products and services.[8]

Products and services

The company's goal is to provide information that educates consumers in making financial decisions.[7] Its web site is directed towards millennials[2] and its comparison tools provide information on credit card selection, college loans, banking, mortgage loans, stock trading and insurance policies.[5][7]

References

  1. 1 2 Schultz, Jennifer. "A New Way to Shop for Credit Cards". Bucks Blog. The New York Times. Retrieved 7 January 2014.
  2. 1 2 3 4 5 Tansey, Bernadette. "NerdWallet's Big Ambitions". Xconomy. Xconomy. Retrieved June 28, 2015.
  3. ↑ "The Best 20 Money Web Sites". Money.CNN.com. CNN. Retrieved 7 January 2014.
  4. ↑ "Former LinkedIn VP Dan Yoo Joins NerdWallet As COO". TechCrunch. Retrieved 25 March 2014.
  5. 1 2 Shieber, Jonathan. "Scorching FinTech Market". Tech Crunch. Tech Crunch. Retrieved June 28, 2015.
  6. ↑ Halloran, Michael (May 15, 2015). "The Street". The Street. Retrieved June 30, 2015.
  7. 1 2 3 4 Hall, Gina (May 12, 2015). "Contributor". Silicon Valley Business Journal. Retrieved June 30, 2015.
  8. 1 2 McBride, Sarah (May 11, 2015). "Reuters". Reuters. Retrieved June 30, 2015.

External links

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