Personal Finance Company NerdWallet Reveals Increase in Income in IPO Filing
October 8 (Reuters) – NerdWallet Inc on Friday released its documents for an initial public offering in the United States that showed a more than 32% increase in revenue for the consumer financial advice website.
The San Francisco-based company did not share the terms of the offer, but two sources familiar with the matter said in May that it could seek a valuation of up to $ 5 billion.
The IPO follows a wave of fintech companies that have listed their shares in New York this year, such as the now-paying buyout firm Affirm Holdings Inc (AFRM.O), the brokerage firm online Robinhood Markets Inc (HOOD.O) and cryptocurrency exchange Coinbase Global Inc (COIN.O).
NerdWallet confidentially submitted documents to the Securities and Exchange Commission for the IPO in May, Reuters reported, citing people familiar with the matter.
The company was founded in 2009 by former hedge fund executive Tim Chen and Jake Gibson, former trader at JPMorgan Chase & Co (JPM.N). It provides financial advice to users on credit cards, loans, mortgages, and other financial products.
Chen was inspired to start NerdWallet after failing to find an appropriate answer on the internet to his sister’s question about the most suitable credit card for an expat living in Australia, according to the file.
In the six-month period ended June 30, the company reached 21 million unique users per month and generated $ 181.6 million in revenue from $ 137.3 million a year earlier, according to the filing.
Morgan Stanley, BofA Securities, Barclays, Citigroup and KeyBanc Capital Markets are among the underwriters of the NerdWallet offering. The company plans to be listed on the Nasdaq under the symbol “NRDS”.
Report by Sohini Podder in Bengaluru; Editing by Shinjini Ganguli
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