San Francisco-based NerdWallet is hitting the big time with $64 million in 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. But, up against BankRate (BR), unless BR implodes in financial turmoil, they have little chance to survive.
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.
In 2014, nearly 30 million consumers came to NerdWallet for accessible tools, research and expert advice to guide their financial decisions. The company’s user base is growing by more than 150% year over year, while its revenues tripled.
NerdWallet was founded in 2009 and is profitable with strong cash reserves. 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.
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