Stock Groups

Personal finance firm NerdWallet reveals jump in revenue in IPO filing By Reuters

[ad_1]


(Reuters] -NerdWallet Inc made Friday public documents for a U.S. Initial Public Offering. It showed a greater than 32% rise in revenue from its consumer financial advice site.

Although the terms of the offer were not disclosed by the San Francisco-based company, two people familiar with the matter suggested in May that it might seek up to $5Billion valuation.

This IPO comes after a flurry in financial technology firms that listed shares in New York last year. These include online brokerage Affirm Holdings Inc and buy-now/pay-later company Affirm Holdings Inc. Robinhood Markets Inc (NASDAQ) and Coinbase (NASDAQ) Global Inc.

NerdWallet confidentially submitted https://www.reuters.com/technology/exclusive-personal-finance-startup-nerdwallet-files-us-ipo-sources-2021-05-14 paperwork with the Securities and Exchange Commission for the IPO in May, Reuters had reported, citing people familiar with the matter.

The company was founded in 2009 by former hedge fund executive Tim Chen and Jake Gibson, a former trader at JPMorgan Chase & Co. (NYSE:) It provides financial guidance to users on credit cards, loans, mortgages and other financial products.

NerdWallet was created by Chen in response to the question of his sister about the best credit cards for Australian expatriates.

According to filings, the company had 21 million users in six months ending June 30 and earned $181.6million in revenue. This is compared to $137.3 million last year.

NerdWallet made its international debut in 2020 with the purchase of Know Your Money, a UK-based financial advice provider. NerdWallet also purchased Fundera in New York City, which is a platform for small business looking to borrow money.

Morgan Stanley BofA Securities Barclays (LON:) Citigroup NerdWallet is underwritten by KeyBanc Capital Markets and (NYSE:). It plans to list the company on Nasdaq as “NRDS”.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]