Strong Financial Performance & Growing Demand For Financial Guidance Fuel NerdWallet's International Expansion
NerdWallet To Acquire UK-based Comparison Site, Know Your Money, to Accelerate Growth & Extend the Reach of its Financial Guidance
SAN FRANCISCO, Aug. 27, 2020 /PRNewswire/ -- NerdWallet™, a website and app that provides financial guidance to more than 160 million consumers every year, today announced it will be acquiring UK-based Notice Media (d/b/a Know Your Money). Through the acquisition, Know Your Money and NerdWallet together will provide the most comprehensive financial guidance website in the U.K., delivering industry-leading financial content, tools and independent reviews to help consumers make better financial decisions.
The strength of NerdWallet's business and the recent unprecedented demand for financial guidance make it an ideal time for the company to expand internationally. Solid year-over-year growth and healthy profitability uniquely position NerdWallet to expand its business despite the economic downturn. At the same time, the pandemic has increased the number of consumers turning online to access financial information and services, particularly in areas like investing and re-financing.
"For the past few years, we've seen significant growth in the number of consumers coming to NerdWallet for financial guidance," said Tim Chen, Co-Founder and CEO of NerdWallet. "Recently, the volatility of the stock market, unemployment, and plunging interest rates have consumers facing financial challenges they've never dealt with before and searching for content and products to help them navigate their new normal. Because of this, there has never been a better time to expand the reach of our financial guidance and grow our business, and there is no better place to start than the U.K. We're thrilled to welcome the Know Your Money team to NerdWallet to help even more consumers make better financial decisions."
The price comparison industry is extremely popular in the U.K., with 85 percent of consumers reporting that they've used a digital price comparison tool at least once before1. NerdWallet chose to acquire Know Your Money, a company with more than 15 years of experience operating in the U.K. price comparison market, as well as a network of top partners and a suite of business products, to accelerate growth in this market and complement its own offerings. NerdWallet plans to further expand its footprint in the U.K. by increasing headcount, building out a more expansive library of content and expanding into several new personal finance verticals.
"There is so much that can be done to improve the price comparison experience for consumers in the U.K.," said John Ellmore, Co-Founder of Know Your Money. "Helping consumers compare rates just isn't enough — we need to provide access to high-quality content and tools to help them make financial decisions that meet their distinct needs."
"Know Your Money and NerdWallet are perfectly aligned in our goal of empowering people to make better, more-informed financial decisions," said Jason Tassie, Co-Founder of Know Your Money. "We're excited to build on the great work the Know Your Money team has already done and combine forces with NerdWallet to offer much needed financial guidance."
Know Your Money will become a NerdWallet subsidiary and all Know Your Money executives and employees will be staying on. The acquisition is subject to customary closing conditions, including approval from the U.K. Financial Conduct Authority.
About NerdWallet
NerdWallet is on a mission to provide clarity for all of life's financial decisions. As a personal finance website and app, NerdWallet provides consumers with personalized, unbiased and actionable insights so they can make smart money moves. From finding the best credit card to buying a house to investing their next dollar, NerdWallet is there to help consumers make financial decisions with confidence. Consumers have free access to our expert content and comparison shopping marketplaces, plus a data-driven membership experience, which helps them stay on top of their finances and save time and money, giving them the freedom to do more. For more information, visit NerdWallet.com.
"NerdWallet" is a trademark of NerdWallet Inc. All rights reserved. Other names and trademarks used herein may be trademarks of their respective owners.
1 CMA, Digital Comparison Tools Market Study, 2017
Media Contact: Keely Spillane, [email protected]
SOURCE NerdWallet
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