nerdwallet is an american personal finance website that helps people make and manage financial decisions by comparing various products available from various banks and insurance companies .

founded in 2009 , the company by 2016 had a valuation of $ 550 million and projected revenue of about $ 100 million .

nerdwallet

nerdwallet ' s founder & ceo , tim chen , currently has an approval rating of 73 % . nerdwallet ' s primary competitors are
owler has collected 14 screenshots of nerdwallet ' s website since may 2014 . the latest nerdwallet website design screenshot was captured in sep 2017 .
hal bundrick is a staff writer at nerdwallet , a personal finance website . email : hal @ nerdwallet . com . twitter : @ halmbundrick
bev o’shea is a staff writer at nerdwallet , a personal finance website . email : boshea @ nerdwallet . com . twitter : @ beverlyoshea .
nerdwallet compare , inc . is paid an advertising fee by lenders for the goods , facilities , and services provided by nerdwallet compare , inc .
since nerdwallet was founded in 2009 , it has participated in 3 rounds of funding . in total nerdwallet has raised $ 105 . 0m . nerdwallet ' s last funding round was on oct 2015 for a total of $ 5 . 0m
nerdwallet posted a video
how to get out of debt .
on youtube
nerdwallet is a financial platform that provides information and services on personal finance , travel , education and shopping . nerdwallet ' s headquarters is in san francisco , california . nerdwallet has a revenue of $ 5 . 8m , and 337 employees . nerdwallet has received a total of $ 105m in funding . nerdwallet ' s main competitors are credit , money under 30 and totallymoney . as of june 2018 , nerdwallet has 124 . 8k fans on facebook and 51 . 4k followers on twitter .
nerdwallet currently has 51 , 360 followers on twitter . as of july 2013 nerdwallet had 7 , 434 followers . that ' s a 590 percent increase in 4 years
nerdwallet currently has 124 , 817 fans on facebook . as of january 2014 nerdwallet had 8 , 587 fans . that ' s a 1353 percent increase in 4 years
and employs more than 400 nerds . nerdwallet was ranked no . 76 on the 2016 technology fast 500 award list . for more information , visit nerdwallet . com .
nerdwallet is a financial platform that provides information and services on personal finance , travel , education and shopping . nerdwallet was founded in 2009 . nerdwallet ' s headquarters is located in san francisco , california , usa 94103 . it has raised . . .
millions of people use nerdwallet to improve their finances for the things they want most .
claire tsosie is a staff writer at nerdwallet , a personal finance website . email :
mpower financing announced today a partnership with personal finance resource nerdwallet , granting it . . .
nerdwallet compare , inc . nmls id # 1617539 | nmls consumer access | licenses and disclosures
those who know a thing or two about finance have some great things to say about nerdwallet .
part of our survival tool kit since we were one day from homeless . with resources like nerdwallet
nerdwallet posted a video
how to invest : try a robo - advisor .
on youtube
nerdwallet ' s tailored advice , content and tools ensure you ' re getting more from your money .
nerdwallet posted a video
how much does it cost to live in . . .
on youtube
you are not required to purchase additional products or services from nerdwallet compare , inc . or from any person or entity suggested or recommended by nerdwallet compare , inc . however , nerdwallet compare , inc . reserves the right to approve the entity selected by you , which approval may not be unreasonably withheld .
millions of people use nerdwallet to stretch their dollar , track their progress and get more from their money .
using this product until i saw their piece of shit ad played over and over again on hulu . nerdwallet
philip reed is a staff writer at nerdwallet , a personal finance website . email : preed @ urltoken .
in this series , nerdwallet interviews people who have triumphed over debt using a combination of comm . . .
nerdwallet compare , inc . does not accept any fees from the consumer , including third - party fees .
sreekar jasthi is a data analyst at nerdwallet , a personal finance website . email : sreekar @ urltoken .
these accounts and institutions represent the best of their respective categories , but nerdwallet knows that everyone has a unique financial situation . consumers can easily identify the best products for their specific needs by using nerdwallet ' s free checking account comparison tool and savings account comparison tool . detailed nerdwallet reviews of each product can be found online .
totallymoney is nerdwallet ' s # 3 rival . totallymoney is a private company that was founded in 2009 in london , england . totallymoney operates in the mortgage finance industry . compared to nerdwallet , totallymoney has 327 more employees .
nerdwallet posted a video
how to take the first step towards buying home , sweet home .
on youtube
nerdwallet posted a video
ira vs . 401 ( k ) : which should you choose ?
on youtube
nerdwallet compare , inc . provides mortgage information at no cost to you . nerdwallet compare , inc . will not charge or seek fees of any kind from you . nerdwallet compare , inc . receives fees from lenders and may be paid by the lender based on services , goods or facilities performed or provided by us to the lender .
bbva compass ' high marks in all categories give the bank good
consumer potential ,
according to nerdwallet .
“we make an honest to goodness effort to list every credit card , ” said tim chen , nerdwallet’s founder . by
ellen is a personal finance writer at nerdwallet . she has been a writer and editor at bloomberg and time inc .
greg is a personal finance writer at nerdwallet . he previously worked at the chicago tribune and wrote two money books .
the first step to a successful home buying experience is being prepared , says tim manni , a nerdwallet mortgage expert .
nerdwallet became profitable as a consumer resource that matched credit card customers with banks , which pay the company fees for successful sign - ups . so nerdwallet hopscotched over some typical startup fundraising milestones before it finally took money from venture capital firms .
nerdwallet has employees and is the first highest among it ' s top 10 competitors . the top 10 competitors average 91 .
credit is seen as one of nerdwallet ' s top competitors . credit ' s headquarters is in san francisco , california , and was founded in 1995 . credit competes in the systems software industry . credit generates 881 % of nerdwallet ' s revenue .
tailored advice . expert content . helpful tools . nerdwallet makes it easy to know you ' re getting more from your money .
while nerdwallet’s big fundraising round may help attract talent , chen says that wasn’t the main reason for lining up so much capital .
claire is a personal finance writer at nerdwallet . her work has been featured by forbes , usa today and the associated press .
texas texas sml mortgage company license # 1617539 ; nerdwallet compare , inc . , 805 country club drive , heath , texas 75032
nerdwallet compare , inc . is not acting as your agent in connection with obtaining a residential mortgage loan . while nerdwallet compare , inc . will seek to assist you in meeting your financial needs , we cannot guarantee the lowest or best terms in the market .
money under 30 is one of nerdwallet ' s top rivals . money under 30 was founded in 2006 , and its headquarters is in san francisco , california . money under 30 competes in the mortgage finance field . money under 30 has 330 more employees than nerdwallet .
( the paypers ) nerdwallet has announced a new skill for amazon alexa , amzn , which is now live in alexa . . .
san francisco , dec . 11 , 2017 / prnewswire / - - according to nerdwallet ' s 2017 american household credit . . .
san francisco , aug . 23 , 2016 / prnewswire / - - according to nerdwallet ' s second annual consumer credit . . .
erin el issa is a staff writer covering personal finance for nerdwallet . follow her on twitter : @ erin _ el _ issa .
nerdwallet offers consumers clarity for all of life ' s financial decisions . whether it ' s regarding credit cards , insurance , loans or investing , people lack the clear , unbiased information they need to make the best choice . with nerdwallet , consumers have free access to user - friendly tools and advice that save time and money , and give them the freedom to do more . nerdwallet is based in
cit bank ' s premier high yield savings account has been included in nerdwallet ' s list of the best savings accounts of 2018 .
yes ! you can sign in to nerdwallet at any time to see your free credit score , your free credit report information and more .
nerdwallet ' s revenue is the third highest among it ' s top 10 competitors . the top 10 competitors average $ 1 . 4m .
travel & tourism industry release : tustin , calif . , jan . 17 , 2018 / prnewswire / - nerdwallet has named . . .
san francisco , oct . 17 , 2017 / prnewswire / - - nerdwallet , the company 100 million people rely on every . . .
san francisco , april 5 , 2016 / prnewswire / - - according to nerdwallet ' s 2016 travel credit card study , . . .
nerdwallet compare , inc . does not charge you a fee for services . the use of nerdwallet compare , inc . ’s computerized loan comparison services are not required to obtain a residential mortgage loan . the full range of loans available may not be listed on nerdwallet compare , inc . ’s lead generation system , and different terms and conditions , including lower rates , may be made available from others not listed in the system .
san francisco , sept . 26 , 2017 / prnewswire / - - nerdwallet , the go - to personal finance resource , today . . .
, consumer segments executive director for bbva compass .
the recognition from nerdwallet validates all of our efforts to better meet their diverse needs .
nerdwallet compare , inc . provides mortgage services at no cost to you . nerdwallet compare , inc . will not charge or seek fees of any kind from you . this agreement remains in effect only as long as you seek to use the services offered by nerdwallet compare , inc . ; you may discontinue this relationship at any time , without notice , at no cost or penalty to you . this agreement does not create an exclusive relationship .
san francisco , jan . 9 , 2017 / prnewswire / - - nerdwallet , the go - to personal finance resource , today an . . .
nerdwallet’s free credit score gives you access to your vantagescore 3 . 0 from transunion , which is updated weekly . it also offers free credit report information .
we talked to nerdwallet® about how credit affects many different aspects of the homebuying process - from approval to interest rates—and why your credit score should never be ignored .
in an effort to monitor your credit progress , you may have signed up with one or more free credit score services , such as the one from nerdwallet .
, head of the banking vertical at nerdwallet .
due to the complicated structures of banking products , consumers too often make financial decision in the dark . nerdwallet focuses on providing clear , unbiased information that highlights the best banking products and institutions available , helping consumers make more informed decisions that align with their banking needs .
nerdwallet partners with transunion® to provide your vantagescore® 3 . 0 , based on information in your transunion® credit report . your score and credit report information is updated weekly .
a lot of people are too scared to get their credit score—but you have to know what is hurting you . nerdwallet makes it really simple for people to learn their credit score . without going to a site like nerdwallet and then seeing what’s in your report or black mark on your credit , it can be an ugly surprise .
to take a place among such rivals , nerdwallet is building a bigger product team to expand the website’s features and broaden its information resources , which include backgrounder papers and consumer - focused articles . to augment this content , nerdwallet is hiring journalists from major media outlets including the new york times , bloomberg , cnn , abc news , and the san francisco chronicle . chen says the nerdwallet staff of roughly 200 will increase to about 300 by the end of the year , and continue to grow after that .
millions of people use nerdwallet to lower their bills , shake off debt , score the best credit cards and so much more . ready to get more from your money ?
millions of people are already using nerdwallet to stretch their dollar , earn rewards and so much more . interested in joining us ? visit urltoken to see our open positions .
when you continue to the nerdwallet© articles * in this section , and when you link to any of the websites in the articles , you will be leaving the hickam fcu website .
/ - - bbva compass was recently named a top regional bank in the midwest , southeast and pacific u . s . by nerdwallet , a comparison site for consumer banking services .
financial struggles among african - americans are real — and so are the solutions . nerdwallet explains the obstacles that black consumers often face and what they can do to overcome them and thrive .
nerdwallet compare , inc . does not make mortgage loans or commitments ; nerdwallet compare , inc . cannot guarantee acceptance into any particular loan program by any lender or specific loan terms or conditions . you may be required by the lender to pay an application fee to cover costs of an appraisal , credit report , or other items . the lender determines the amount of the fee .
from bikes to beach vacations , the nerdwallet app can now help you save for anything you want . create a savings goal and we’ll crunch the numbers to help you get there even faster .
at nerdwallet , we adhere to strict standards of editorial integrity to help you make decisions with confidence . some of the products we feature are from our partners . here’s how we make money .
nerdwallet was founded in 2009 and is a free service that helps guide consumers through important financial decisions . the site has gained the attention of the financial media , earning recommendations from cnnmoney and the
personal finance startup nerdwallet is announcing a couple of big hires today — dan yoo ( pictured ) is joining as chief operating officer , while florence thinh is the company’s new vice president of talent .
nerdwallet ' s team of more than 80 writers and editors includes seasoned journalists who have worked at major national news outlets . enjoy a wealth of information to help you make smart , informed decisions .
nerdwallet uses 128 - bit encryption to keep your information safe . we never sell your information and you ' ll only be contacted by a lender if you click on a pre - qualified offer .
cit bank ' s high yield savings was named one of the best savings accounts of 2016 for its combination of high rate , zero monthly fees or minimums , and low initial deposit by nerdwallet .
tim chen wants to make nerdwallet the go - to site for every single consumer finance question - - because he learned the hard way how it feels when you don ' t have all the answers .
the views , information , or opinions expressed in this q & a ; are solely those of nerdwallet , inc . and do not necessarily represent those of pennymac loan services , llc and its employees .
methodology nerdwallet ' s banking team selects products and institutions based on overall consumer value . to determine the 2017 winners , nerdwallet reviewed nearly 70 financial institutions : the largest u . s . banks based on factors including assets , debit card volume and internet search traffic ; the nation ' s largest credit unions with broad - based membership requirements ; and other notable and / or emerging players in the industry .
nerdwallet compare , inc . will not act as your lender or credit provider . nerdwallet compare , inc . provides your loan request to our lenders and our lenders will contact you with their conditional loan offers . while we seek to help you meet your financial needs , we do not distribute the products of all lenders or investors in the market and cannot guarantee the lowest price or best terms available in the market .
nerdwallet is a free tool to find you the best credit cards , cd rates , savings , checking accounts , scholarships , healthcare and airlines . start here to maximize your rewards or minimize your interest rates .
nerdwallet compare does not take mortgage applications , originate , service , or make credit decisions in connection with loans , nor does it issue commitments or lock - in agreements . nerdwallet compare , inc . will forward the information you provide to participating lenders . the lender will then conduct a preliminary review to determine your loan qualifications based on its guidelines and will contact you regarding its loan products and offers . nerdwallet compare , inc . does not distribute the products of all lenders in the market and does not guarantee that the loan terms or rates offered and made available by lenders are the best terms or lowest rates available in the market .
for much of last year , she focused on launching a service for employers . the subscription - based program , which nerdwallet piloted with about 10 businesses , would have helped their employees manage the health care enrollment process .
nerdwallet compare , inc . is subject to the regulations and oversight of the division of financial regulation of the department of consumer business services . consumers’ inquiries or complaints may be made by calling 866 - 814 - 9710 .
this agreement remains in effect only as long as you seek to use the services offered by nerdwallet compare , inc . you may discontinue this relationship at any time , without notice , at no cost or penalty to you .
this marks the second time bbva compass has been acknowledged by nerdwallet . the bank ' s clearconnect checking account and mobile banking app received positive reviews in the site ' s inaugural consumer banking index in the fall of 2013 .
please see nerdwallet’s terms of use for additional information . pursuant to the terms of use , by using this website and services , the disclosures and consent required under certain state laws are deemed to be provided , received , and agreed to .
perhaps most dramatically , chen radically changed the company ' s organizational structure . instead of silos , he fashioned a matrix , which contains a more horizontal - - and more complicated - - reporting structure that requires near - constant communication among nerdwallet ' s leaders . while that eased the company ' s old growing pains , it ' s created some new ones . just ask nerdwallet executive christina lamontagne :
sometimes the management team feels that we ' re in our own way .
and like any precocious adolescent , nerdwallet has weathered some fierce aches along with its success .
it ' s constant growing pains , but it ' s different growing pains ,
says jake gibson , chen ' s childhood friend and co - founder .
- bug fixes and performance improvements we would rather not interrupt your experience , so if you ' re enjoying the app please take a moment to rate it and leave a review . ^ _ ^ feedback is always welcome at support @ nerdwallet . com .
that’s why it’s so critical to understand the loan process , research your options and take the time to get prepared . in this q & a ; , we asked nerdwallet to further clarify how and why a good credit score is so important for prospective homebuyers .
nerdwallet compare , inc . does not originate mortgage loans or commitments . nerdwallet compare , inc . does not guarantee acceptance into any particular loan program by any participating lender , or promise any specific loan terms or conditions . if you apply for a loan request with our participating lenders , you may receive from such lenders a loan estimate of the credit report fee , property appraisal fee , or any other third - party fees required in connection with your loan . the documentation you receive will include the terms and conditions for obtaining a refund for said fees .
frequent united flyers will enjoy the extra rewards and perks with the [ nw : card _ name 3049 ] . because it doesn’t charge foreign transaction fees , this card is also a good choice to use abroad . » for other options : see nerdwallet ' s best airline credit cards
borrowers who are making more than the minimum payment , or paying their credit card off every month , will be more likely to get an ' approved ' recommendation , or more likely to be able to get a loan , than they would today ,
armstrong tells nerdwallet .
by summer 2013 , about four years into nerdwallet ' s existence as more than a collection of spreadsheets on chen ' s laptop , he says he became increasingly aware that his
hire smart people ; let them figure it out
philosophy meant a fifth of his small company wasn ' t playing well with others . he ' d instituted a very traditional management style : businesses organized by silos , with each silo leader responsible for his or her team ' s success . that structure soon led to some winner - take - all tactics among nerdwallet ' s different units .
the top 10 competitors in nerdwallet ' s competitive set are credit , money under 30 , totallymoney , minted , cignifi , opportunity financial , green bay banking rates , quizzle , spring banking rates and mint software . together they have raised over 122 . 4m between their estimated 489 employees .
nerdwallet compare , inc . does not take loan or mortgage applications or make credit decisions . rather , we display rates from lenders that are licensed or otherwise authorized to work in vermont . we forward your information to a lender you wish to contact so that they may contact you directly .
founded in 2009 , nerdwallet has a team of “nerds” who help consumers choose between financial products in areas like banking , credit cards , insurance , and mortgages . the company has not taken on any outside funding , and with continued profitability , it says it has no plans to do so .
that service attracted unexpectedly strong interest from
some of the largest companies in the world ,
including silicon valley tech giants , says lamontagne . yet by early december , as this article was going to press , nerdwallet had abandoned the pilot to focus more on its direct - to - consumer products .
this is a loan solicitation only . nerdwallet compare , inc . is not a lender . information received will be shared with one or more third parties in connection with your loan inquiry . the lender may not be subject to all vermont lending laws . the lender may be subject to federal lending laws .
almost 169 , 000 complaints were filed in 2015 with the consumer financial protection bureau , the government agency that enforces federal consumer financial laws . nerdwallet’s examination of the complaints found that debt collection companies gave u . s . consumers the biggest headache . the second most common complaint had to do with mortgage companies .
nerdwallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage . the six key areas we evaluated include the loan types and loan products offered , online capabilities , online mortgage rate information , customer service and the number of complaints filed with the consumer financial protection bureau as a percentage of loans issued . we also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders . to ensure consistency , our ratings are reviewed by multiple people on the nerdwallet mortgages team .
hickam federal credit union is proud to provide financial education topics that will help you make informed decisions when it comes to managing your finances and protecting your personal identity . most of the financial education articles presented in this section are provided as a courtesy by nerdwallet© and is intended as information that is objective and straightforward .
type one of those questions into google , and you ' ll likely find a nerdwallet article written by one of its 70 staff writers . or go directly to the site and find lists of nerdwallet ' s favorite travel credit cards , or recommendations of no - fee checking accounts , or rough quotes for car insurance by zip code . you can submit almost any other question about your finances , and await a response from nerdwallet ' s network of advisers . chen ' s on a quest to anticipate every single one of those questions - - and to have a clear , unbiased , logical answer for you .
it ' s just a waste ,
he says ,
when people don ' t find the right answer - - and no one is benefiting . not the person who ' s fumbling around , not really any financial institution . everyone loses , and it ' s stupid , and the internet should have fixed this a long time ago .
founded as a credit card marketing website , nerdwallet aims to become the information clearinghouse for everything financial - - a more curated
yelp for finances ,
as employees and analysts put it . the firm ' s credibility rests largely on the same exhaustive trial - and - error process that landed chen his new home . that attention to every detail , and careful consideration of every possible decision , seems rooted in chen ' s deep - seated anxiety about making the wrong choice . it also reflects a terrifying early failure - - a layoff that cost nerdwallet a fifth of its employees . now , chen ' s even more determined to never underthink anything ever again .
chen says nerdwallet saves time and simplifies choices by asking users for a few key bits of information , such as their home state and the type of card they want . for example , some visitors are looking for the lowest interest rate , while others want the best deals on rewards such as airline miles or cash back on purchases .
nerdwallet ' s approach certainly fits a post - financial crisis world facing demands , particularly from millennials , for financial transparency . the company ' s appeal rests on its yelp - like breadth of information , and its efforts to shine a light into some dark and cluttered corners of the money universe . mercator advisory group analyst alex johnson praises its
spectacular transparency ,
and consultant jo ann barefoot , a former deputy comptroller of the currency , says nerdwallet is
out in front on the whole issue of evaluating and rating and creating access to feedback on financial companies , which is a massive trend .
indeed , nerdwallet claims it can be
a source of truth
for pretty much any financial question , with
financial
defined broadly : what sort of earthquake insurance should you get if you live in california ? what ' s the best sort of online loan if you want to open a second location of your business ? which credit card stands the best chance of yielding free seats to maui ?
nerdwallet’s credit cards team selects the best cards in each category based on overall consumer value . factors in our evaluation include fees , promotional and ongoing aprs , and sign - up bonuses ; for rewards cards , we consider earning and redemption rates , redemption options and redemption difficulty . a single card is eligible to be chosen in multiple categories .
indeed , with its
newsroom
of staff writers around the country , nerdwallet is as much content creator as financial company . the company ' s journalistic endeavors are also the secret behind its fast growth - - it can flood google with a lot of professionally written news articles instead of buying seo or paid marketing . it means that when you type in what ' s the best cash - back credit card ? search results will likely produce nerdwallet citations first . and by hiring journalists to write stuff that many high - profile news companies would and indeed do publish ( usa today and time inc . ' s urltoken among them ) , nerdwallet boosted its visibility and its credibility .
most consumers want to know that they can trust somebody who is not beholden to one financial institution ,
says yoo .
they ' re worried that they don ' t know the right answers and they ' re going to make a mistake . we want them to have the confidence that they ' re making a good solid decision .
nerdwallet : i think it all starts with the fact that people don’t do the proper research on it . or they don’t have the proper understanding of what has happened , or how it affects them . maybe it’s a behavior they have that they don’t know is affecting their score . part of the solution goes back to the old way of managing credit .
- link your financial accounts to know where your money is going and see your transactions and account balances in one place . - bug fixes and other improvements . we ' d rather not interrupt your experience , so if you ' re enjoying the app please take a moment to rate it and leave a review . ^ _ ^ feedback is always welcome at support @ nerdwallet . com .
we want to hear from you and encourage a lively discussion among our users . please help us keep our site clean and safe by following our posting guidelines , and avoid disclosing personal or sensitive information such as bank account or phone numbers . any comments posted under nerdwallet ' s official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products , unless explicitly stated otherwise .
funneling consumers to the cards that suit them best is also valuable to the banks , chen says , because banks only make money if the card is actually used frequently . otherwise , the bank is just paying costs to administer the account , he says . nerdwallet gets a fee when a customer applies successfully for a card , and its banking partners send feedback when the matchmaking process misses the mark , chen says .
it ' s hard not to root for what nerdwallet could do here , if it can actually do it : while you might not need yet another way to pick a credit card , you absolutely do need help figuring out which health care plan to pick , how much you might spend on top of that , and whether you ' ve been overcharged on one of those ridiculous
explanation of benefits
missives .
because of those factors , there’s no single “best” rewards card for everybody . best might be a simple , flat - rate cash - back card , a premium travel card laden with benefits , or something in between . if you’re having trouble deciding on a type of rewards card , give special consideration to cash back . a nerdwallet study has shown cash - back credit cards are better for most people than travel cards .
she had a first - hand view of that last year , as the company developed , and then dropped , a health care project despite widespread customer interest . a former health care consultant and venture capitalist , lamontagne joined the company in 2013 as its
entrepreneur in residence ,
in charge of what could be nerdwallet ' s most promising business : solving the complexities of health insurance , for both employers and their employees .
for banking products today . in its second year , the nerdwallet best - of awards program recognizes industry - leading options for consumers across a variety of financial products , including the best checking accounts , savings accounts , money market accounts and credit unions . as part of providing consumers with clear and objective recommendations for all their financial decisions , the nerds evaluated dozens of banking products and credit unions to identify the best of the year .
where nerdwallet is trying to set itself apart is in the presentation , breadth , and transparency of the bank products it shills . while the company accepts money from big banks , it still points out the less attractive features of some of their products . not all the time - - on its website , many credit cards only have
pro
analysis , with no
cons
listed - - but it ' s made more than a token stab at providing independent information along with the sales links . and johnson argues that this devotion to objectivity and transparency actually makes it more valuable to the banks that pay its bills .
nerdwallet stands out ,
he says .
it ' s very nice , very clear ; some of their competitors are busier . it helps them attract users , which is ultimately what any bank is going to care about .
less usual are the office ' s soviet - size signs , exhorting employees to
relentless self - improvement
and to prioritize
consumer company team self .
assembling for the monday - morning all - staff meetings means having to pass nerdwallet ' s
fail wall ,
spotted by cheerfully bright post - it notes marking mistakes serious and trivial , professional and personal . (
forgot anniversary .
i did not secure a profitable exit for my last group of investors .
my first year out of college , i made $ 10 , 000 .
i have overly aggressive timelines , because i am impatient .
) chen has at least four up there . it ' s a daily reminder of the many challenges facing nerdwallet ' s mission to be all things financial to all people . or as chen repeats ,
we just keep iterating .
and bankrate , while still dominant , has had its struggles , ranging from a creaky website design to an accounting scandal that cost $ 15 million to settle with the sec last year . that ' s left nerdwallet room to position itself as an honest broker for cards and other products , including checking accounts , insurance , mortgages , and online loans . the company gets paid on a percentage basis for some of those products , like the loans .
* nerdwallet© strives to keep its information accurate and up to date . this information may be different than what you see when you visit a financial institution , service provider , or specific product’s site . all financial products , shopping products and services are presented without warranty . when evaluating offers , please review the financial institution’s terms and conditions . pre - qualified offers are not binding . if you find discrepancies with your credit score or information from your credit report , please contact transunion® directly . additionally , the nerdwallet© site may be compensated through third party advertisers . however , the results of their comparison tools , blog content and editorial reviews are based on objective analysis . for more information , please see their advertising disclosure . any advice for tax planning purposes may be subject to different state and federal laws depending on an individual ' s tax situation . please consult your tax advisor for tax planning advice .
yoo was previously vice president of business operations and business analytics at linkedin . he replaces nerdwallet co - founder jake gibson , who is shifting to an advisory role at the company . apparently gibson and his wife just had twins , so he plans to spend more time with his family — he told me that it was “largely serendipity” he and his co - founder tim chen ( the company’s ceo ) connected with yoo when they were looking for advisors .
in each region , nerdwallet ranked bbva compass among its top 20 financial institutions for the site ' s spring 2014 consumer banking index . the bank , along with 300 of the nation ' s largest banks and credit unions , was evaluated on consumer products and services that consumers identified as key considerations when choosing a financial institution : free checking ; high - yield savings ; free online bill pay ; customer service ; and branch , mobile and atm access .
the interest rates quoted by lenders are subject to change unless and until an interest rate lock - in agreement has been made between you and the lender . the terms and conditions of lock - in agreements , including whether the lock - in fee may be refunded , if any , will be set by the lender . nerdwallet compare , inc . does not offer interest rate lock - in agreements and does not guarantee any interest rate quoted by a lender .
“we didn’t really need that much , ” chen says . but chen wanted maneuvering room to execute on an ambitious plan—to become the go - to site for information about 45 major financial decisions families typically make , such as selecting among mortgage loans , credit cards , college savings accounts , retirement investments , and the increasingly complex options for medical insurance . nerdwallet drew close to 30 million consumers to the site in 2014 , and aims to maintain its rapid growth rate .
counting its cash reserves , nerdwallet now has more than $ 100 million on hand as it tries to establish a dominant position in a field now crowded with competitors jostling to provide personal finance advice and services . they include big players such as bankrate ( nyse : rate ) and san francisco - based credit karma , as well as a host of specialty startups such as newport beach , ca - based acorns , which is trying to get millennials hooked on investing .
chen says nerdwallet’s website design is skewed somewhat to attract millennials . as the site appears today , it seems tailored for the consumer who has a specific question in mind , rather than a desire to start by studying up on financial products in detail . clicking on the link for credit cards , for example , leads straight to an interactive table where visitors can compare rankings for nearly 1 , 700 cards . “apply” buttons take users straight to the banks’ application forms .
with more than 1 , 200 cards on the market , “we chose to narrow it down rather than inundating” users , said mr . holland said . “we think people tend to feel more comfortable because we have limited their choices . ” still , he said the site was planning to test offering information about a wider variety of cards . he also said that nerdwallet did not appear to offer card options for consumers with bad credit , a niche for credit . com .
nerdwallet strives to keep its information accurate and up to date . this information may be different than what you see when you visit a financial institution , service provider or specific product’s site . all financial products , shopping products and services are presented without warranty . when evaluating offers , please review the financial institution’s terms and conditions . pre - qualified offers are not binding . if you find discrepancies with your credit score or information from your credit report , please contact transunion® directly .
i ' ve been browsing so many money management apps for the past couple of days now . the one from my bank is awesome , but i wanted something that helped me see the steps i ' m taking to address my debt . nerdwallet fit a lot of the user interface and usability i was looking for . yay ! the downside is that it doesn ' t recognize my retirement program , transamerica , or my bank , a credit union . given how popular and visible nerdwallet is , i was surprised at the fact that they couldn ' t find / recognize my accounts . even some of the smaller budget apps found my bank and retirement program . the only different is the interface . if it ' s not one , it ' s the other . . . so yeah i ' m kinda bummed . i ' ll keep it in the meantime . i emailed support , so i ' ll make an update if they get back to me .
it ' s early october , and chen and his girlfriend are in the latter stages of buying a single - family house in corona heights . as he started this ordinary but complex task , he wanted to really understand the range of financing available to him - - so he asked three different lenders to prequalify him for a mortgage . it ' s what chen ' s company , nerdwallet , does : review the strengths and weaknesses of financial products for three million monthly web visitors .
the latest home buyer reality report from nerdwallet reveals that 39 % of denied mortgage applicants pointed to poor credit history and low scores as the reason for being turned down , and more than 50 % cited high debt - to - income ratios . in other words , as a consumer you might be carrying too much debt . while it’s impossible to avoid some debts such as bills , credit cards , or student loans , there are steps you can take to remain in good standing .
nerdwallet compare , inc . will not collect any fees from you in connection with your loan request . all fees will be collected by and are payable to the lender . if the lender is licensed under the washington broker practices act , any fees paid by you for third - party services ( such as a credit report or appraisal ) may be held in a trust account , and any such moneys remaining after the payment to third - party service providers will be refunded to you .
most of the free credit score reports offered on various websites , including the free report from nerdwallet , are vantagescore 3 . these offer a good way to monitor your credit in general . some places , including experian , offer free fico 8 scores . that is the score that ' s most often used by lenders . however , the actual score your lender uses may be different . ficos are tweaked for different industries and have different generations , kind of like operating systems on a computer .
it ' s hard not to wonder if some of these conversations might be more comfortable with a more natural communicator at the top - - or at least someone who hasn ' t written that his goal as a ceo is to
make myself obsolete .
but chen , whose employees regularly dub him the
conscience
of his company , plans to stay for the duration . yoo claims that he could have sold nerdwallet and been
generationally wealthy
; instead , chen ' s trying to finish closing on one house , while contemplating a responsible financial future with his girlfriend . his wealth as majority owner of nerdwallet might be mostly on paper right now , but he confides , as his personal success becomes more real ,
i ' m really afraid that my kids are gonna turn out to be some really fucked - up people . i want the company to do well . but at the same time , there is absolutely no upside of becoming filthy , stinking famous or well off .
so how does nerdwallet try to help you find the right card ? it asks users to enter a few descriptors ( think whether you work and whether you pay your bills in full every month ) and then uses mathematical formulas to determine recommended card rankings . at that point , the number of cards in the results is generally much lower than 400 . the results do contain sponsored cards , though mr . chen said the site had no bias toward them . the site plans to expand into mortgages next .
while nerdwallet is benefiting from widespread distrust of the old financial establishment , chen ' s motivations are simpler and broader : he absolutely loathes not having the right answers .
there are so many things i ' ve done the stupid way ,
he says ,
just brute forcing my way through , and then i turn and look and ask , ' why in the world didn ' t someone tell me not to do that ? ' i just want to help people break out of that .
that ' s a charge chen readily cops to .
i ' m not the greatest communicator naturally ,
he says .
the strategy part [ of running the business ] is actually the super easy trivial part . it ' s the organizational communication that ' s super hard .
it ' s a strange admission for a ceo whose company mission statement includes
healthy relationships , hard conversations ,
but it ' s characteristically nerdwallet : transparent , glaringly self - critical , not always comfortable .
nerdwallet compare , inc . ( “we” or “us” ) is a delaware corporation with its principal place of business located at 875 stevenson street , 5th floor , san francisco , california 94103 . we provide information and tools related to loans and mortgages , and are currently accessible online at urltoken and urltoken / mortgages , and through our mobile app ( the “sites” ) . home loan data , rates , and fees may be provided by third - party data providers including , but not limited to , mortech® , a registered trademark of zillow® .
“we wanted the confidence to attack the product problem , ” chen says . the company now has the option to run less profitably for a while , or to make an acquisition that would round out its services , he says . under terms of the financing round , nerdwallet has a valuation estimated by some observers at $ 500 million . chen says that estimate isn’t exact , but it’s “in the ballpark . ” the series a round was led by institutional venture partners , and was joined by rre ventures , iglobe partners , and angel investors .
during his career disruption , chen was able to delve into a problem facing his sister—she asked for his help to choose a credit card . he was dismayed to find how hard it was to find reliable comparative data . he ferreted out information from 10 major banks , created a credit card spreadsheet , and saw the much - forwarded file spread out beyond his family circle . chen realized its potential as a web app , and in 2009 he founded a company , san francisco - based nerdwallet , with sweat equity and less than $ 1 , 000 .
stumbling up the learning curve is a familiar experience to entrepreneurs of all backgrounds , although many would gladly swap their problems for chen ' s : nerdwallet ' s growth is what occasionally threatens to outstrip his ability to manage it . as koh puts it ,
tim has this great belief : ' yeah , you ' re smart . you ' ll figure it out . you can do anything for a little bit of time . ' but when you have 250 employees , it ' s a lot harder to say , ' hey , smart people , go figure it out . '
still , the marketing side of the credit card business was a lucrative launch pad . banks pay steep finder ' s fees to partners that bring them the best customers , since what those consumers will spend every year far exceeds those fees . according to coo dan yoo , nerdwallet earns anywhere from zero to
hundreds of dollars
for every person who comes to its website , clicks through , applies for a credit card , and is approved . that business still accounts for the vast majority of nerdwallet ' s revenue . about 5 percent of people go from reading to buying a product ; while the clickthrough rate has held steady , overall traffic has tripled in the past three years .
hi , we ' re nerdwallet . and we love helping people get more from their money . that ' s why we make it simple to see your checking , saving , investing and credit card accounts in one place . then we analyze your spending to uncover easy ways for you to save big — without sacrificing what you love . if you have specific goals in mind — such as saving for a car , retiring early or building your credit — we ' ll keep you motivated and get you there faster . not sure if you have the best credit cards or lowest mortgage rate ? no problem . we help with bigger financial decisions , too . our expert reviews and side - by - side comparisons make spotting your best option surprisingly simple .
by december 2013 , chen finally let the ax fall , firing 11 employees - - 20 percent of his work force . it was two days after the holiday party . then he had to tell his remaining staff what had happened . he ' s still visibly uncomfortable addressing groups - -
he ' s not a ' go charge the mountain ! ' leader ,
koh says - - but this meeting was particularly terrible . hands shaking , voice shaking , more pale than gibson had ever seen him , chen got up to tell his employees that a bunch of their colleagues had been let go . his performance didn ' t get high marks :
he ' s just a bad speaker ,
says maggie leung , the ex - cnn journalist who runs nerdwallet ' s newsroom . as gibson recalls , chen tried
to give a reassuring speech about ' this is my fuckup . now it ' s our responsibility to get better at this . ' it was brutal .