Personal finance outfit NerdWallet has become the latest fintech startup to score a major cash injection, raising $64 million in a Series A funding round led by Institutional Venture Partners.
RRE Ventures, iGlobe Partners and additional angel investors also joined the round while Silicon Valley Bank has chipped in with a $33 million flexible loan facility.
NerdWallet's platform is designed to help individuals and small businesses as they pick things like banking, credit card and insurance products. The firm says that nearly 30 million people used its tools research and expert advice last year, while its revenues tripled.
Founded on a shoestring six years ago, the San Francisco-based outfit now employs more than 200 people and has forged partnerships with eight of the largest banking and credit card companies in the world, as well as more than a dozen insurance providers.
"Consumers don't have a source of truth when making critical financial decisions," says Tim Chen, CEO and founder, NerdWallet. "They are either turning to friends and family who aren't experts or to advisors who want to sell them something. NerdWallet intends to bridge this gap by being an informed and trusted data-driven partner for consumers."