NerdWallet Buys Fundera
Tim Chen, CEO, NerdWallet.Photo credit: NerdWallet, licensed under CC BY-SA 3.0 Personal finance company NerdWallet has announced that it’s acquired Fundera, a…
|Tim Chen, CEO, NerdWallet.
Photo credit: NerdWallet, licensed under CC BY-SA 3.0
Personal finance company NerdWallet has announced that it’s acquired Fundera, a marketplace for small business loans. Through the acquisition, NerdWallet is expanding its presence in the small business market as it seeks to strengthen its operations. It marks the second acquisition made by NerdWallet this year, the other being U.K. finance comparison site Know Your Money.
The financial terms of the acquisition weren’t disclosed. As a privately-held startup, Fundera, which was founded in 2013, is known to have raised $19 million in outside funding. The company was founded by Jared Hecht, a serial entrepreneur who sold a previous company, messaging app GroupMe, to Microsoft.
As a result of the acquisition, Fundera will become a subsidiary of NerdWallet and retain its current employees.
NerdWallet, the acquirer, is a well-known personal finance company that was founded in 2009. It offers a website and app that assist its users in making personal financial decisions.
NerdWallet is profitable and last raised outside funding in 2015. The company since its inception has raised a total of $105 million in outside funding from a group of investors including well-known names like RRE Ventures, IVP, and American former professional football player Joe Montana.