TMCnet News
NerdWallet Secures $64 Million in Series A Funding to Transform Personal Finance
SAN FRANCISCO, May 12, 2015 /PRNewswire/ -- NerdWallet today announced a $64 million Series A funding round led by Institutional Venture Partners (IVP) with participation from RRE Ventures, iGlobe Partners and additional angel investors. This is the first venture capital round for NerdWallet, a profitable fintech startup that brings clarity to consumer finance decisions. By balancing personal finance in favor of the consumer, the company aims to provide economic well-being for everyone. When combined with existing cash reserves and a $33 million flexible loan facility from Silicon Valley Bank, the funding gives NerdWallet more than $100 million to transform one of the few industries yet to be disrupted by the Internet — personal finance. "Consumers don't have a source of truth when making critical financial decisions," said Tim Chen, CEO and founder of NerdWallet. "They are either turning to friends and family who aren't experts or to advisors who want to sell them something. NerdWallet intends to bridge this gap by being an informed and trusted data-driven partner for consumers." Whether it's selecting the best insurance provider, planning for retirement or starting a small business, consumers are faced with dozens of crucial personal finance decisions at every stage of their lives. NerdWallet helps consumers navigate these complex choices and provides transparency around all of their financial options. "NerdWallet is the best kept secret in the financial technology market. With its explosive growth, strong profitability and strategic long-term vision, NerdWallet is positioned to win the multibillion dollar personal finance market," said Jules Maltz, General Partner at IVP. "We're proud to lead NerdWallet's first ever funding round and believe its vision of bringing clarity and transparency to all financial decisions is going to have huge social impact." According to Tom Loverro, who led the investment on behalf of RRE Ventures, "Traditional banking and financial services are under attack. The industry landscape will look dramatically different 10 years from today, with new technologies and startups changing the way consumers handle their finances. RRE is at the forefront of this upheaval, investing in companies transforming the last major category ripe for disruption." Performance to Date From selecting banking, credit card or insurance products to navigating medical bills and student loans, NerdWallet takes the fear out of finance for individuals and small businesses. The company also connects consumers with a robust community of independent, vetted financial experts and medical billing specialists for personalized advice. NerdWallet was founded in 2009 and is profitable with strong cash reservs. The company has forged partnerships with eight of the largest banking and credit card companies in the world, and more than a dozen insurance providers. Headquartered in San Francisco, NerdWallet has more than 200 employees and boasts an impressive leadership team from Box, JPMorgan, LinkedIn, Trulia, Visa and Zynga. Jules Maltz and Tom Loverro will join Tim Chen on NerdWallet's board of directors. Soo Boon Koh, founder and managing partner of iGlobe, will become a board observer. James D. Robinson III, former CEO of American Express; Vikram Pandit, former CEO of Citigroup; and David Henke, former senior vice president of Engineering and Operations at LinkedIn and Yahoo, will serve as board advisors. Additional investors in the round include Arjan Schutte of Core Innovation Capital, Aaron Lee, Brian Lee, Dharmesh Thakker, Emilie Choi, Eric Bahn, Josh Tonderys, Mike Grishaver, Parker Barrile, Raymie Stata, Richard Jun, Ryan Roslansky, Scott Roberts, Shirshanka Das and Sumir Meghani. About NerdWallet About Institutional Venture Partners (IVP) About RRE Ventures About iGlobe Partners About Silicon Valley Bank Press Contacts Nicole Colwell Photo - http://photos.prnewswire.com/prnh/20150512/215314 Logo - http://photos.prnewswire.com/prnh/20140924/148263
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nerdwallet-secures-64-million-in-series-a-funding-to-transform-personal-finance-300081609.html SOURCE NerdWallet |