Just a few months after buying U.K.-based financial service price comparison site Know Your Money, NerdWallet is back at the register with another big purchase. The company announced late last week that it had agreed to acquire online, small business lending marketplace Fundera. Terms of the transaction were not disclosed.
The acquisition enables NerdWallet to expand its offerings for small business owners, and adds to the financial wellness platform’s content and marketplaces for products including student loans, insurance, mortgages, and investments. Founded in 2013 by Jared Hecht, Andres Moran, and Rohan Deshpande, Fundera will become a NerdWallet subsidiary as a result of the transaction, with all of Fundera’s employees joining NerdWallet.
In a statement, NerdWallet co-founder and CEO Tim Chen pointed to the small business market as an area of “tremendous opportunity” that the acquisition will enable his company to pursue.
“Although we offer free tools and content, we’ve never been able to fully support small business owners — that changes today,” Chen said. “Fundera has been one of our partners for several years and their deep understanding of the SMB market, the long-standing, trusted relationships they’ve built with both lenders and business owners, and their commitment to putting the needs of small business owners first is really unique and impressive.”
Founded in 2009 and headquartered in San Francisco, California, NerdWallet offers personalized, objective, actionable financial guidance to help consumers make intelligent financial decisions. Via its website and app, NerdWallet provides consumers with free access to its expert content and comparison shopping marketplaces to enable them to save time whether they are looking for insights into the best credit card for their needs or assistance in buying a first home.
NerdWallet has raised $105 million in funding. The company includes Camelot Financial Capital Management and Institutional Venture Partners (IVP) among its investors.