US-based consumer financial advice app NerdWallet has today announced plans to acquire UK price comparison site Know Your Money, as part of a bid to move into the UK market.
The acquisition will see Know Your Money, founded in 2004, become a subsidiary of NerdWallet, founded in 2008, with all employees staying on, including co-founders John Ellmore and Jason Tassie.
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Precise financials of the deal, which is subject to the usual closing conditions and approval from the UK Financial Conduct Authority, have not been disclosed.
It will enable NerdWallet to expand its tailored financial guidance to the UK, while incorporating Know Your Money’s suite of personal finance products, which include those in insurance, business and lending.
NerdWallet also plans to increase headcount in the UK, expand its content library and expand into additional personal finance verticals.
“We’re looking forward to joining forces with NerdWallet and building on the fantastic work our team has done helping consumers learn about, evaluate and compare financial products,” said Jason Tassie, co-founder of Know Your Money.
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By GlobalData“Working with NerdWallet will help us accelerate our existing growth plans, expanding our content library, tools and guides to offer users more support in financial decision making. Know Your Money and NerdWallet are perfectly aligned in their goal of empowering people to make better, more-informed financial decisions.”
Know Your Money acquired by NerdWallet amid growing consumer interest in finance
The acquisition of Know Your Money by NerdWallet comes as growing numbers of consumers are increasingly focused on personal finance amid the Covid-19 pandemic and resulting recession – something that the US company sees as creating significant market potential.
“The pandemic has created a surge in demand for financial guidance and products in areas like refinance and investing — we’ve seen record visits to our site in these areas this year. Expansion to the UK is an important step towards our vision of a world where every consumer makes financial decisions with confidence,” said Tim Chen, Co-Founder and CEO of NerdWallet.
“Consumers are looking for a greater level of help, and with Know Your Money, we want to be there providing the guidance to as many people, across as many topics and in as many places as possible.
“Know Your Money has done a fantastic job helping consumers find and compare financial products and we’re looking forward to accelerating that work through this partnership.”
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