NerdWallet, owner of the consumer financial advice website of the same name, has filed for an initial public offering (IPO).
NerdWallet has hired a group of investment banks, led by Morgan Stanley, to arrange the IPO and is aiming to go public before the end of this year, according to media reports. The San Francisco-based company is seeking a valuation of $5 billion U.S.
Several high-profile financial technology companies, such as Affirm Holdings, have gone public in the last six months, while others such as online brokerage Robinhood Markets, Brazil's Nubank and financial services start-up Chime are preparing to do so later this year.
Founded in 2009 by former Wall Street executives Tim Chen and Jake Gibson, NerdWallet provides financial guidance to users on credit cards, loans, mortgages and other financial products. It claims to have more than 100 million users of its personal finance website and mobile phone app.
NerdWallet has expanded rapidly over the past year through acquisitions of companies, including U.K.-based "Know Your Money" and New York City-based "Fundera," which operates a marketplace for small businesses looking for loans.
In December 2020, NerdWallet hired former eBay executive Lauren St. Clair as its new chief financial officer.
