Oct 8 (Reuters) - NerdWallet Inc on Friday made public its
paperwork for a U.S. initial public offering that showed a more
than 32% jump in revenue for the consumer financial advice
The San Francisco-based company did not share terms for the
offering, but two sources close to the matter said in May it
could seek a valuation of up to $5 billion.
The IPO follows a flurry of financial technology companies
that have listed their shares in New York this year, such as
buy-now-pay-later firm Affirm Holdings Inc, online
brokerage Robinhood Markets Inc and cryptocurrency
exchange Coinbase 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 company was founded in 2009 by former hedge fund
executive Tim Chen and Jake Gibson, a former trader at JPMorgan
Chase & Co. It provides financial guidance to users on
credit cards, loans, mortgages and other financial products.
Chen was inspired to start NerdWallet after he failed to
find a suitable answer on the internet to his sister's question
about which credit card was the most suitable for an expatriate
living in Australia, the filing showed.
In the six months ended June 30, the company reached 21
million unique users per month and generated $181.6 million in
revenue compared with $137.3 million a year earlier, according
to the filing.
In 2020, NerdWallet entered the international market with
the acquisition of UK-based online financial guidance provider
Know Your Money. It also bought New York City-based Fundera, a
marketplace for small businesses looking for loans, the same
Morgan Stanley, BofA Securities, Barclays, Citigroup and
KeyBanc Capital Markets are among the underwriters for
NerdWallet's offering. The company plans to list on the Nasdaq
under the symbol "NRDS".
(Reporting by Sohini Podder in Bengaluru; Editing by Shinjini