NerdWallet To Acquire UK-based Comparison Site, Know Your Money, to Accelerate Growth & Extend the Reach of its Financial Guidance
NerdWalle, a website and app that provides financial guidance to more than 160 million consumers every year, announced it will be acquiring UK-based Notice Media (d/b/a Know Your Money). Through the acquisition, Know Your Money and NerdWallet together will provide the most comprehensive financial guidance website in the U.K., delivering industry-leading financial content, tools and independent reviews to help consumers make better financial decisions.
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The strength of NerdWallet’s business and the recent unprecedented demand for financial guidance make it an ideal time for the company to expand internationally. Solid year-over-year growth and healthy profitability uniquely position NerdWallet to expand its business despite the economic downturn. At the same time, the pandemic has increased the number of consumers turning online to access financial information and services, particularly in areas like investing and re-financing.
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“For the past few years, we’ve seen significant growth in the number of consumers coming to NerdWallet for financial guidance,” said Tim Chen, Co-Founder and CEO of NerdWallet. “Recently, the volatility of the stock market, unemployment, and plunging interest rates have consumers facing financial challenges they’ve never dealt with before and searching for content and products to help them navigate their new normal. Because of this, there has never been a better time to expand the reach of our financial guidance and grow our business, and there is no better place to start than the U.K. We’re thrilled to welcome the Know Your Money team to NerdWallet to help even more consumers make better financial decisions.”
The price comparison industry is extremely popular in the U.K., with 85 percent of consumers reporting that they’ve used a digital price comparison tool at least once before1. NerdWallet chose to acquire Know Your Money, a company with more than 15 years of experience operating in the U.K. price comparison market, as well as a network of top partners and a suite of business products, to accelerate growth in this market and complement its own offerings. NerdWallet plans to further expand its footprint in the U.K. by increasing headcount, building out a more expansive library of content and expanding into several new personal finance verticals.
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