Yesterday, NerdWallet announced its first acquisition of financial planning company AboutLife.
The San-Francisco based NerdWallet has announced that aboutLife‘s 6 employees have joined the Nerds, as a result of their first acquisition. aboutLife is a financial planning startup focused on helping families with their financial decisions.
Tim Chen, founder and CEO of NerdWallet, has recognised in aboutLife the ability to bring benefit to its existing users by improving the financial advisory part of their services. Chen also declared about the acquisition: “We are gaining six exceptionally talented individuals from aboutLife. Rajat and his team bring a deep understanding around retirement, technology and the needs of consumers.”
Bhaskar Ghosh, Vice President of Engineering, Operations and Security at NerdWallet, explained that their decision to bring aboutLife on board was based on the high level of cleanliness and hygiene of their code, the architecture they built around data integration and serving, and the design of their internal product APIs.
Rajat Kongovi, founder of aboutLife welcomed the operation by saying “Our team shares NerdWallet’s mission to bring clarity to all of life’s financial decisions. Joining NerdWallet lets us pursue our shared vision within a hyper-growth company that has millions of dedicated users. We couldn’t be more excited for this opportunity to make a real and lasting impact on everyone’s financial lives,” Kongovi was also a former Project Leader at the Boston Consulting Group and COO of social network hi5.
The collaboration between Kongovi’s team and the Nerds will be mainly focused on the retirement and investing space.
NerdWallet is a successful personal finance website offering comparison tools for financial services and products, as well as investment and PFM advice. The company was founded by Chen in 2009 and by 2016 it had a valuation of $550 million and projected revenue of about $100 million. This acquisition represents yet another positive step in the company’s development.
Source: NerdWallet