Stop the financial presses, NerdWallet is going public. The content provider has filed its IPO paperwork with the SEC to list its shares on the Nasdaq under the ticker symbol NRDS.
NerdWallet was born in 2009 as a simple website from its founders Tim Chen and Jacob Gibson. Savvy business moves have since turned the website into a multifaceted personal finance platform. In 2020, NerdWallet acquired fellow financial content creator Know Your Money as well as small business loan marketplace Funder.
NerdWallet also has affiliations with several banks and insurance companies, which pay it commissions whenever customers purchase their products through links and advertising on NerdWallet’s articles. NerdWallet has struggled to consistently turn a profit, but its partnerships with financial institutions and credibility with readers are enough to give it up to a $1b valuation.
why it matters
NerdWallet is not the only firm struggling to show profitability in spite of going public. Recently, Sweetgreen (SG) was found to have lied about being profitable ahead of its own IPO.