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(Redirected from Tim Chen (entrepreneur)) American personal finance company

NerdWallet, Inc.
Type of businessPublic
Traded as
FoundedAugust 2009; 15 years ago (2009-08)
HeadquartersSan Francisco, California, U.S.
Created by
  • Tim Chen
  • Jacob Gibson
Key peopleTim Chen (CEO)
IndustryPersonal finance, fintech
RevenueIncrease US$539 million (2022)
Operating incomeIncrease −US$19 million (2022)
Net incomeIncrease −US$10 million (2022)
Total assetsIncrease US$426 million (2022)
Total equityIncrease US$342 million (2022)
Employees770 (2022)
URLnerdwallet.com

NerdWallet is an American personal finance company, founded in 2009 by Tim Chen and Jacob Gibson. It has 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. Its first product was a web application that provided comparative information about credit cards. Subsequently, it generated large quantities of content to help boost its search engine results. Website traffic grew quickly in 2010 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.

In 2016, the company acquired the retirement planning firm AboutLife, and was valued at $520 million.

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 In November 2020, NerdWallet acquired small business loan marketplace, Fundera. 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. In November 2021, the company went public on the Nasdaq stock exchange.

In July 2022, NerdWallet acquired On the Barrelhead, a consumer debt robo-advisor platform, for $120 million.

In May 2023, Yahoo! Finance reported that NerdWallet's platform had an average of 23 million monthly users.

Products and services

The company's goal is to provide information that educates users in making financial decisions. 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. NerdWallet staff also produce articles about financial topics such as investing, retirement planning, and taxes.

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. Fundera operates as a subsidiary of NerdWallet. 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.

Administration

Tim Chen is the CEO and co-founder of NerdWallet. Company leadership also includes Lauren StClair (CFO), Kevin Yuann (CBO), and Lynee Luque (CPO). As of January 2023, the company had 770 employees.

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. By 2015, NerdWallet had 200 employees and added Vikram Pandit and James D. Robinson III to its board of advisors. 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.

In 2020, NerdWallet added Lynne Laube and Jennifer Ceran to its board of directors.

See also

References

  1. ^ "NerdWallet Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 23, 2023. Retrieved June 22, 2023.
  2. ^ Shieber, Johnathan (May 11, 2015). "Scorching FinTech Market Keeps Attracting New Players as NerdWallet Raises $64 Million". Tech Crunch. Archived from the original on July 7, 2017. Retrieved June 25, 2017.
  3. Saranow Schultz, Jennifer (August 25, 2010). "A New Way to Shop for Credit Cards". Bucks Blog. The New York Times. Archived from the original on August 27, 2010. Retrieved January 7, 2014.
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  16. PYMNTS (June 24, 2022). "NerdWallet Signs $120M On The Barrelhead Deal". Pymnts.com. Archived from the original on July 16, 2022. Retrieved July 15, 2022.
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  23. Wentling, Nina (June 27, 2022). "Durango fintech company sells to NerdWallet for $120M". Denver Business Journal. Archived from the original on February 4, 2024. Retrieved September 25, 2023.
  24. Ryssdal, Kai; Purser, Bennett (September 19, 2018). "NerdWallet wants to help you with finance". Marketplace. Archived from the original on December 19, 2018. Retrieved December 6, 2018.
  25. "Lauren StClair Chief Financial Officer, NerdWallet Inc". Bloomberg. 2023. Archived from the original on February 4, 2024. Retrieved July 7, 2023.
  26. "Kevin Yuann Chief Business Officer, NerdWallet Inc". Bloomberg. 2023. Retrieved July 7, 2023.
  27. "Lynee Luque Chief People Officer, NerdWallet Inc". Bloomberg. 2023. Archived from the original on February 4, 2024. Retrieved July 7, 2023.
  28. Ha, Anthony (March 24, 2014). "Former LinkedIn VP Dan Yoo Joins NerdWallet as COO". TechCrunch. Archived from the original on March 25, 2014. Retrieved March 25, 2014.
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  30. Halloran, Michael (May 15, 2015). "NerdWallet Gets $64 Million on Road to $1 Billion Valuation as Money Pours into Fintech". TheStreet. Archived from the original on May 18, 2015. Retrieved June 30, 2015.
  31. Dickey, Megan Rose (April 20, 2017). "NerdWallet just laid off over 40 people, including its VP of growth". TechCrunch. Archived from the original on February 4, 2024. Retrieved June 20, 2023.
  32. Thier, Jane (December 17, 2020). "NerdWallet taps eBay CFO". CFO Dive. Archived from the original on April 27, 2021. Retrieved April 27, 2021.

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