In finance, a good credit score and knowledge of transactions and financial products are principal to getting and making incredible gains. NerdWallet is a professional monetary website that offers detailed analysis and insight to its users, which they use to choose the best financial options and institutions.
Read on to discover how this platform came to be, how much it is worth, and the services it offers.
Plus, learn how to build your own million dollar brand... FREE.
|Tim Chen and Jacob Gibson
|Country of Origin:
|United States of America
|Monetary Analysis, Calculations, and Investment Insights
What is NerdWallet?
NerdWallet is an American cash flow tracking and management platform that offers insight into financial services that provide users with the best benefits. Established by Tim Chen and Jacob Gibson in 2009 with an $800 capital fund, the company has a website and mobile app for users to use its accumulated knowledge. The company’s concept developed from Chen's research into credit cards with low foreign transaction fees for his sister. He designed the website with Jacob Gibson, a colleague Chen met at Massachusetts College of Technology. Gibson served as its first Chief Operating Officer and garnered a following with considerable content. By 2014, NerdWallet’s membership grew to over 30 million users and a $500 million value.
NerdWallet acquired several financial companies to foster further growth, starting with retirement planning firm aboutLife in 2016. Despite its increasing success, the company had to restructure its outline, laying off several staff members for an efficient organizational system. Subsequently, the financial medium purchased other businesses, including Know Your Money in the United Kingdom, the Fundera loan establishment, and, most recently, the economic advisor firm, On the Barrelhead in 2022. NerdWallet’s ventures and partnership with financial institutions to provide transparent and credible advice on monetary acquisitions earned the enterprise a significant valuation of $1.5 billion in 2021 as it became public in the stock market.
Who founded NerdWallet?
Tim Chen and Jacob Gibson created NerdWallet in 2009, and it became a widely used outlet for financial information. Tim Chen worked for hedge fund enterprises such as Perry Capital, where he gained expertise. After the termination of his employment in 2008, Chen created the NerdWallet medium to research economic transactions and assets for customers’ needs after analyzing credit cards for his sister. He found the information on plastic money and other transactional benefits insufficient online as he spent a week finding information for his sister. This prompted Chen to develop NerdWallet to save users time with financial investment and services and provide recommended options for their preferences.
Jacob Gibson co-founded the NerdWallet outfit with Tim Chen. He is an entrepreneur and investor with a degree in Mathematics from the Massachusetts Institute of Technology. He served as the Chief Operating Officer (COO) at NerdWallet for four years, from 2010 to 2014.
What is NerdWallet's origin story?
Tim Chen created NerdWallet after his sister requested his opinion on credit cards with low foreign transaction fees for her acquisition. After a quick and fruitless search on Google, he used his expertise in finance to conduct week-long research on which financial cards met his sister's requirements.
After realizing the time it took customers to find information on the financial assets and facilities, Chen created a medium that provides accessible knowledge findings and multiple options and comparisons for financial support for potential clients. He used $800 to start the website and operate from his apartment in Manhattan.
How was NerdWallet funded?
The financial platform’s first funding was $800 in startup capital from Tim Chen to launch his venture. Afterwards, the forum received over $100 million in investments from capital venturers, including:
- Silicon Valley Bank
- Camelot Financial Capital Management
- Institutional Venture Partner
What made NerdWallet grow?
NerdWallet expanded from its increasing followership throughout its years with numerous and valuable content. However, its significant growth came from the acquisition of several establishments throughout the years, such as:
- aboutLife retirement forum in 2016
- The tech company Trimian in 2018
- Know Your Money financial comparison platform in 2020
- Fundera in 2020
- The On The Barrelhead financial advisory firm in 2022
The franchise also partnered with several banking institutions, insurance establishments, and loan enterprises whose corresponding services earn NerdWallet a commission for every customer the company brings in.
What is NerdWallet's valuation?
What lessons can entrepreneurs learn from the NerdWallet brand story?
NerdWallet's expertise and analysis provide weighted options between multiple financial choices and acquisitions. Their aid is instructional and swift, matching clients' requirements with available options and their pros and cons. Upcoming entrepreneurs can take the following key points to build their enterprises:
- Greatness from small beginnings: Chen started NerdWallet with $800 and grew it into a reputable company worth $500 million.
- Customer ease: The platform's primary goal is to present easily conveyed insights into the financial market without its users conducting such research.
- Multiple platform access: NerdWallet is an online medium with an app outlet for customers to access their reservoir of information.
- Venture partnership: The economic medium collaborates with many financial institutions to review and recommend their services to potential clients.
What services does NerdWallet provide?
The financial advice platform offers several benefits, including:
- Comparisons and reviews on
- Credit cards
- Personal loans
- Student loans
- Small businesses
- Best selection suggestions on
- Credit cards
- Personal loans
- Student loans
- Small business
- Auto loans
- Guidance, expertise, and real-time calculations of
- Credit cards
- Credit score and debt solutions
- Spending and saving
- Small business
These services provide NerdWallet users with viable options for personal finance and transactional advice.
What is the NerdWallet Smart Money Podcast?
The NerdWallet Smart Money Podcast is an audio platform where NerdWallet financial specialists provide insight and solutions to real-time money inquiries. The podcast’s tracks are available on the following sites:
How does NerdWallet help businesses manage their finances?
The NerdWallet company aids businesses’ financial management by providing suggestions on credit, insurance, and loan services. They review the advantages and disadvantages of each asset and recommend the products that meet the client’s needs. NerdWallet also provides knowledge of pertinent transactional questions through its podcast, The NerdWallet Smart Money Podcast.
The NerdWallet is an investment analysis and insight platform which offers suggestions about economic institutions, assets, and credit cards. The medium provides its users with top-notch financial guidance to aid their decisions with commercial acquisitions.
The story behind the renowned company is intriguing, and if Tim Chen’s endeavors inspire you to build a successful business of your own, you’re in the right place.
Your millionaire journey starts here. At Capitalism.com, we've set a bold goal - creating one million millionaires by 2028. Will you be one of them? We'd love to help you on your journey to financial freedom.
Why wait to become a millionaire? Kickstart your journey towards financial independence with our FREE 100 Sales A Day Playbook. Start learning now!