Total amount raised
$105 Million
Latest funding date
5/1/2021
Location
NerdWallet has successfully raised funding over six rounds, with the latest being a Secondary Market round. The platform is backed by 14 investors, including Raison Wealth and Employee Stock Option Fund.
Keep reading to explore the intricacies of NerdWallet's fundraising journey and the investors backing this innovative financial platform.
What Is NerdWallet?
NerdWallet is a financial services company based in San Francisco, California. It operates in the consumer, financial services, internet, and personal finance industries. The company develops a platform to help users find the right credit cards and mortgage rates, among other financial products.
Founded in 2009, NerdWallet has grown to employ between 501 and 1000 people. The company is publicly traded under the ticker NASDAQ:NRDS and has raised funding through multiple rounds. NerdWallet also offers a wide range of resources and tools to assist users in making informed financial decisions.
How Much Funding Has NerdWallet Raised?
- Series A
- Amount Raised: USD 64,000,000
- Date: May 2015
- Lead Investors: IVP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To transform the personal finance industry by providing clarity and transparency to consumer finance decisions.
- Debt Financing
- Amount Raised: USD 36,000,000
- Date: May 2015
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and support company growth.
- Series A
- Amount Raised: USD 5,000,000
- Date: October 2015
- Lead Investors: Camelot Financial Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To solidify NerdWallet's position as a leader in online personal finance.
- Series A
- Amount Raised: Not publicly disclosed
- Date: January 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand user base and enhance financial tools.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: May 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: May 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
Total Amount Raised: USD 105,000,000
Current Valuation: Not publicly disclosed
Key Investors
- Institutional Venture Partners (IVP)
- Details: IVP is a premier later-stage venture capital and growth equity firm with $5.4 billion of committed capital. They have invested in over 300 companies, with 101 going public.
- Investment Focus Areas: Venture growth investments, industry rollups, founder liquidity transactions.
- Notable Investments: AppDynamics, Dropbox, Slack.
- RRE Ventures
- Details: RRE Ventures is an early-stage venture capital firm based in New York City. They focus on partnering with entrepreneurs who aim to disrupt and transform industries.
- Investment Focus Areas: Early-stage investments, disruptive technology, financial services.
- Notable Investments: Not specified.
- iGlobe Partners
- Details: iGlobe Partners is a leading Asia Pacific venture capital firm headquartered in Singapore. They have a multicultural team and extensive networks within the international venture community.
- Investment Focus Areas: Technology companies, cross-border expertise, global scaling.
- Notable Investments: Not specified.
- Silicon Valley Bank (SVB)
- Details: SVB provides targeted financial services and expertise to innovative companies and their investors. They have been named one of America's best banks and best-managed companies by Forbes.
- Investment Focus Areas: Technology, life sciences, financial services.
- Notable Investments: Not specified.
- Camelot Financial Capital Management
- Details: Camelot Financial Capital Management is an investment firm that participated in NerdWallet's Series A funding round.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for NerdWallet?
NerdWallet stands at the cusp of significant growth opportunities, driven by its mission to provide clarity and transparency in personal finance. With a user base growing by over 150% year over year, the company is well-positioned to expand its market reach and form strategic partnerships with major financial institutions. The multibillion-dollar personal finance industry offers a vast landscape for NerdWallet to enhance its product offerings and leverage data-driven tools to better serve consumers.
Future fundraising opportunities appear promising, with the potential for additional venture capital rounds and strategic investments from major financial institutions. The company's strong financial position and high-profile investors set a solid foundation for continued growth. However, NerdWallet may face challenges such as competition from other fintech startups and regulatory hurdles. Maintaining profitability while scaling operations and ensuring the accuracy of financial advice will be crucial as the company navigates its path forward.
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