NerdWallet

NerdWallet
Type of business Private
Founded San Francisco
Key people Tim Chen (CEO; Co-founder)
Employees 285[1]
Website nerdwallet.com

NerdWallet is an American personal finance website that helps people make and manage financial decisions by comparing various products available from various banks and insurance companies.[2] Founded in 2009, the company by 2016 had a valuation of $550 million and projected revenue of about $100 million.[3]

History

NerdWallet was founded in August 2009 by CEO Tim Chen and Jacob Gibson.[4] Its first product was a web application that gave comparative information about credit cards being offered by banks.[5] In exchange for new customers, the sponsoring banks paid NerdWallet a success fee.[5] CNNMoney listed NerdWallet on its Top 20 Best Money Sites in 2010[6] and a 2010 The New York Times article described the website as "worth a look".[4]

In March 2014, former LinkedIn VP Dan Yoo replaced co-founder Gibson, as chief operating officer. Flo Thinh joined as VP of Talent[7] and the company drew 30 million users to its website.[5] By 2015 the company had 200 employees and added Vikram Pandit and James D. Robinson III to its board of advisors.[8][9] That year it raised $64 million in its first round of funding at an estimated valuation of $500 million[5][10] and acquired a $36 million revolving loan.[11] By May 2015 the company had developed business relationships with eight banks and a dozen insurance companies.[10] Co-founder Chen reported that the company was profitable by virtue of the fees it earned matching users with financial products and services.[11]

Products and services

The company's goal is to provide information that educates consumers in making financial decisions.[10] Its web site is directed towards millennials[5] and its comparison tools provide information on credit card selection, college loans, banking, mortgage loans, stock trading and insurance policies.[8][10]

References

  1. ↑ Aspan, Maria (February 2016). "The $520 Million Company That's Solving All Your Financial Needs". Inc..
  2. ↑ "Compare Best Credit Card Offers | Car Insurance | CD Rates | Savings". www.nerdwallet.com. Retrieved 2016-04-22.
  3. ↑ "NerdWallet". Crunchbase.
  4. 1 2 Schultz, Jennifer. "A New Way to Shop for Credit Cards". Bucks Blog. The New York Times. Retrieved 7 January 2014.
  5. 1 2 3 4 5 Tansey, Bernadette. "NerdWallet's Big Ambitions". Xconomy. Xconomy. Retrieved June 28, 2015.
  6. ↑ "The Best 20 Money Web Sites". Money.CNN.com. CNN. Archived from the original on December 3, 2013. Retrieved 7 January 2014.
  7. ↑ "Former LinkedIn VP Dan Yoo Joins NerdWallet As COO". TechCrunch. Retrieved 25 March 2014.
  8. 1 2 Shieber, Jonathan. "Scorching FinTech Market". Tech Crunch. Tech Crunch. Retrieved June 28, 2015.
  9. ↑ Halloran, Michael (May 15, 2015). "The Street". The Street. Retrieved June 30, 2015.
  10. 1 2 3 4 Hall, Gina (May 12, 2015). "Contributor". Silicon Valley Business Journal. Retrieved June 30, 2015.
  11. 1 2 McBride, Sarah (May 11, 2015). "Reuters". Reuters. Retrieved June 30, 2015.
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