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By operating at the intersection of consumers and financial services providers, NerdWallet drives value for both.
−Removed: Through our platform, our financial services partners can reach a substantial audience—we had 23 million Monthly Unique Users (MUUs) per month on average in 2023.
+Added: Through our platform, our financial services partners can reach a substantial audience with millions of consumers and SMBs visiting every month.
After doing research on our platform, these consumers are better informed about the financial decision they’re about to make and often primed and ready to transact.
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As a mission-driven, consumer-first company, we have long had a company culture oriented towards being responsible and socially conscious.
−Removed: In 2023, we published our second annual Environmental, Social and Governance (ESG) report, outlining our corporate social responsibility programs, diversity, equity, and inclusion efforts, and our first environmental and sustainability strategy, specifically our Scope 1, 2, and 3 emissions.
−Removed: Our commitments are a natural extension of our mission and while ESG considerations have been part of the NerdWallet story since our inception, this report allows us to articulate our vision and priorities clearly, and it ensures we hold ourselves accountable for progress on critical ESG initiatives.
+Added: In 2024, we published our annual Environmental, Social and Governance (ESG) report, outlining our corporate social responsibility programs, diversity, equity, and inclusion efforts, and our environmental and sustainability strategy and emissions.
Our revenue was $687.6 million and $599.4 million for 2024 and 2023, respectively, representing year-over-year growth of 15%.
−Removed: We generated a net loss of $11.8 million for 2023, which increased 16% from a net loss of $10.2 million for 2022.
+Added: We generated net income of $30.4 million for 2024, as compared to a net loss of $11.8 million for 2023.
+Added: Recent Acquisition
+Added: In October 2024, we expanded our presence in the mortgage space with the acquisition of Next Door Lending LLC (NDL), a mortgage brokerage specializing in home purchase and refinancing solutions.
+Added: NDL provides a wide range of loan products, including conventional, Fair Housing Authority (FHA), Department of Veterans Affairs (VA), and U.S.
+Added: Department of Agriculture (USDA) home loans, designed to meet the diverse financial needs of borrowers.
+Added: As a mortgage broker, NDL focuses on personalized loan matching, helping clients navigate home financing options by evaluating creditworthiness and offering tailored guidance on loan structures.
+Added: Borrowers can choose from fixed and adjustable-rate mortgages based on their financial goals.
+Added: Through NDL, we connect consumers with wholesale mortgage lenders, providing competitive rates and flexible terms.
+Added: As of December 31, 2024, NDL is licensed to operate in 25 states, further strengthening our ability to serve homebuyers and homeowners nationwide.
Industry Trends in Our Favor
−Removed: Many trends are transforming the way consumers and SMBs manage their finances and several of these trends accelerated in 2020 during the COVID-19 pandemic, creating tailwinds in our industry.
+Added: Many trends are transforming the way consumers and SMBs manage their finances and several of these trends accelerated in 2020 during the COVID-19 pandemic, creating tailwinds in our historical businesses.
Consumers Manage Their Lives Digitally, and Financial Wellness is at the Forefront of This Change
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This desire to understand and feel well-informed about finances is prevalent across all generations.
−Removed: Even among the newest Gen Z consumers, many of whom may not have much experience with personal finance or own a credit card, 89% surveyed in a 2021 Tallo study said that it’s a priority for them to learn about personal finance and 75% are interested in taking personal finance classes.
+Added: A 2024 Experian study revealed that 66% of consumers said they'd like to expand their knowledge of credit and personal finance, with even higher percentages among Gen Z (80%) and Millennials (79%).
We have developed a consumer-first platform that empowers consumers and SMBs to make well-informed financial decisions at the right time and with confidence.
The cornerstone of our platform is consumer trust in the independent, objective, and relevant guidance we provide, free of charge.
−Removed: Given it is incredibly difficult for any one person to be deeply knowledgeable across all areas of personal finance, we have a 100+ person editorial team that functions as the “brains” behind our guidance.
−Removed: Our writers and editors, many of whom have joined us from notable publications, cover specific verticals day in and day out, and, as a result, are deeply knowledgeable about the financial areas they cover, producing high-quality and award-winning guidance.
+Added: Given it is incredibly difficult for any one person to be deeply knowledgeable across all areas of personal finance, we have an award-winning editorial team that functions as the “brains” behind our guidance.
+Added: Our writers and editors, many of whom have joined us from notable publications, cover specific verticals day in and day out, and, as a result, are deeply knowledgeable about the financial areas they cover, producing high-quality guidance.
The work of our editorial team as a whole is not only a key reason consumers trust our brand and turn to us for many of their financial questions, it is also the foundation of our personalized guidance and our “nudges.” The guidance developed by our editorial team is codified by our product team to create the insights surfaced across our platform.
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the other half is to make it frictionless for consumers to make financial decisions.
−Removed: We built our platform to appeal to both consumers looking to “do it themselves,” as well as those looking for more support managing their financial well-being.
+Added: We built our platform to appeal both to consumers looking to “do it themselves” and those looking for more support managing their financial well-being.
We make it easy for our registered users to stay on top of their money by centralizing many of their product decisions in one place.
A registered user is defined as an individual who has created an account on the NerdWallet platform, and is a standalone metric calculated independently from whether an individual accesses our platform in a given period.
−Removed: Consumers can get a holistic view of their finances, and hone in on specific details about their spending and saving patterns across accounts.
+Added: Consumers can get a holistic view of their finances, and home in on specific details about their spending and saving patterns across accounts.
By combining insights from our award-winning editorial team with our machine learning capabilities, we are able to recommend smart money moves via contextual “nudges.” As a result, we have become a one-stop-shop for consumers to track, manage and plan their financial futures.
• Providing Comprehensive Coverage Across Major Financial Verticals.
−Removed: Today, we have financial services partners in eight financial verticals:
−Removed: credit cards, mortgages, insurance, SMB products, personal loans, banking, investing and student loans.
+Added: Today, we have financial services partners in a variety of financial verticals, including credit cards, mortgages, insurance, SMB products, personal loans, banking, investing and student loans.
We partner with hundreds of organizations, ranging from the largest financial services providers to the most disruptive startups.
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finding insurance coverage in a complex marketplace;
−Removed: and navigating the continued impact of interest rate hikes on credit cards, mortgages, bank accounts and personal loans, as well as volatility in student loan forbearance and repayment.
+Added: and navigating the current interest rate landscape, as well as volatility in student loan forbearance and repayment.
Benefits of Our Platform for Our Partners
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Benefits that we provide to our financial services partners include:
−Removed: • Huge Audience and Reach, with an Average of 23 million Consumers Turning to the Nerds This Year.
−Removed: During 2023, we averaged 23 million MUUs, up 15% from 2022.
+Added: • Huge Audience and Reach.
+Added: We reach millions of consumers and SMBs a year.
We also over-index on attracting consumers with high credit scores who are inundated with choices and seek an independent third party to help them find the right product for their distinct needs.
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As a result, we believe that our financial services partners greatly benefit from placement on our Best-of Awards lists, in our reviews and within other NerdWallet content.
−Removed: In fact, 66% of the financial services providers who won a 2023 Best-of Award promoted their designation in their own marketing efforts.
+Added: In fact, over 100 partner advertising campaigns leveraged the best-of badge, underscoring the weight that a NerdWallet evaluation carries.
• Exposure to Consumers Seeking a Broader Range of Financial Products.
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Our trusted brand and organic reach keep us well-positioned to land and expand in new financial areas and geographies.
−Removed: As we look to add capabilities within our existing verticals and enter new verticals like Medicare and cryptocurrency, our brand paves the way for us to meet consumer demand.
+Added: As we look to add capabilities within our existing verticals and enter new verticals, our brand paves the way for us to meet consumer demand.
By improving the quality of our guidance within existing verticals, we believe we can enhance the experience for our users and continue to build recurring revenue streams.
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We also believe there is significant potential for us to grow the global reach of our platform.
−Removed: Our success in the United States and our strong brand give us a solid foundation to expand our international footprint in markets like the United Kingdom in 2020, Canada in 2021 and Australia in 2022.
+Added: Our success in the United States and our strong brand give us a solid foundation to expand our international footprint in markets like the UK in 2020, Canada in 2021 and Australia in 2022.
• Vertical Integration.
Our distinct ability to combine our trusted brand and massive top-of-funnel reach with best-in-class user experiences helps us vertically integrate in areas and topics that capture re-occurring revenue.
−Removed: For example, in 2020, we acquired Fundera to improve our offering for SMBs.
+Added: For example, in 2020, we acquired Fundera, Inc, (Fundera) to improve our offering for SMBs.
Upon integration, we combined NerdWallet’s top-of-funnel strength with Fundera’s monetization strategy, which added a recurring revenue tail.
−Removed: In 2023, SMB products revenue grew 11% year-over-year despite a challenging loans macroeconomic environment as they successfully directed organic traffic through an efficient funnel.
−Removed: Given our success in SMB, we furthered our vertical integration efforts in 2022 through our acquisition of On the Barrelhead, a loan matching platform that provides consumers and SMBs with product recommendations.
−Removed: Similar to the vertical integration approach utilized with Fundera, we believe that by pairing On the Barrelhead’s loan matching platform with NerdWallet’s trusted brand and massive reach, we can offer our users more personalized and compelling recommendations, leading to better customer experiences and improved monetization.
+Added: In 2024 and 2023, SMB products revenue grew 9% and 11%, respectively, year-over-year despite a challenging loans macroeconomic environment as they successfully directed organic traffic through an efficient funnel.
+Added: Given our success in SMB, we furthered our vertical integration efforts in 2022 through our acquisition of On the Barrelhead (OTB), a loan matching platform that provides consumers and SMBs with product recommendations.
+Added: Similar to the vertical integration approach utilized with Fundera, we believe that by pairing OTB’s loan matching platform with NerdWallet’s trusted brand and massive reach, we can offer our users more personalized and compelling recommendations, leading to better customer experiences and improved monetization.
In fact, we have seen two times the increase in our match rate with personal loans financial providers after integrating OTB technology.
+Added: Additionally, in late 2024 we acquired NDL, a mortgage brokerage, to provide our consumers with more hands-on guidance through the mortgage shopping experience.
• Registration and Data-Driven Engagement.
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We have made significant progress in our efforts, and since 2016, we have started converting unique users into registered users that utilize our consumer decisioning tools and increased machine learning functionality.
−Removed: We had registered users of 10 million as of December 31, 2021, over 14 million as of December 31, 2022 and over 19 million as of December 31, 2023.
+Added: We had registered users of 14 million as of December 31, 2022, over 19 million as of December 31, 2023 and 25 million as of December 31, 2024.
We will continue to invest in building efficient and scalable technical capabilities to deliver personalized guidance and nudge consumers, at the right time, to take action based on our advice.
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As digital advertising spend continues to increase as a percentage of overall advertising spend, we expect our addressable market opportunity to grow along with it.
−Removed: We believe the services provided by financial advisors, insurance agencies, loan brokers and others will increasingly transition online in the coming years, which will expand our addressable market.
+Added: We believe the services provided by financial advisors, insurance agencies, loan brokers, mortgage brokers and others will increasingly transition online in the coming years, which will expand our addressable market.
As a result of this offline-to-online shift, offline sales commission dollars will be reallocated to better align with the growth and importance of digital channels.
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This advantage will compound as we further expand our product offerings and as we continue to apply the power of machine learning to further refine our personalized insights.
−Removed: To ensure we are able to meet distinct consumer needs and preferences, our financial guidance is delivered in a variety of ways, organized in the following core categories:
+Added: To ensure we are able to meet distinct consumer needs and preferences, our financial guidance and products are delivered in a variety of ways, organized in the following core categories:
Learn, Shop and Manage.
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We have a team focused on ingesting and aggregating data from our financial services partners across our verticals and financial products to surface and apply product details and attributes for matching with consumers.
−Removed: Our partner data ingestion, quality and compliance processes ensures accuracy and scalability across our platform.
+Added: Our partner data ingestion, quality and compliance processes ensure accuracy and scalability across our platform.
We are able to onboard new partners quickly with significantly lower partner marketing compliance risk—for example, inaccurate displays of rewards, fees, or interest rates.
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• For some loans products, we operate a prequalification system that assists consumers through the underwriting process.
−Removed: Additionally, On the Barrelhead’s loan-matching platform unlocks more personalized and compelling recommendations, leading to better customer experiences and improved monetization.
+Added: Additionally, OTB’s loan-matching platform unlocks more personalized and compelling recommendations, leading to better customer experiences and improved monetization.
Our technology is flexible enough to engage with financial services partners in ways that align with each industry’s unique requirements and business practices.
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Our editorial team provides well-researched guidance across all areas of personal finance and for various stages of consumers’ financial journeys, from basic information about saving for retirement to timely guidance about applying for unemployment to in-depth product reviews.
−Removed: Our high quality content is distributed by news sites such as The Associated Press, and our writers are frequently featured providing guidance in print, online and broadcast media such as The New York Times and Good Morning America, among others.
+Added: Our writers are frequently featured providing guidance in print, online and broadcast media such as The New York Times and Good Morning America, among others.
Our communications team oversees the execution of consumer, product and corporate communications to both reinforce NerdWallet as a trusted brand and support our organic growth strategies by generating considerable media and syndication coverage, particularly for NerdWallet’s consumer finance spokespeople.
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As a mission-driven, consumer-first company, we have long had a company culture oriented towards being responsible and socially conscious.
−Removed: In 2023, we published our second annual Environmental, Social and Governance (ESG) report, outlining our corporate social responsibility programs, diversity, equity, and inclusion efforts, and our first environmental and sustainability strategy, specifically our Scope 1, 2, and 3 emissions.
+Added: In 2024, we published our third annual ESG report, outlining our corporate social responsibility programs, diversity, equity, and inclusion efforts, and our first environmental and sustainability strategy, specifically our Scope 1, 2, and 3 emissions.
You can find the report at https://www.nerdwallet.com/l/environmental-social-governance .
−Removed: Our commitments are a natural extension of our mission and while ESG considerations have been part of the NerdWallet story since our inception, our ESG reports allow us to articulate our vision and priorities clearly, and ensure we hold ourselves accountable for progress on critical ESG initiatives.
Our ESG strategy is founded on three pillars:
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For our Nerds, this means fostering an inclusive culture that allows all Nerds to be their authentic selves, grow their skills, contribute, and thrive with the confidence of belonging.
−Removed: Our diversity, equity, inclusion and belonging (DEIB) efforts are centered around ensuring we are building a diverse organization across all business aspects and creating an inclusive culture where everyone is engaged and has access to opportunities.
+Added: Our diversity, equity, inclusion and belonging (DEIB) efforts are centered around ensuring we are building a diverse organization across all business aspects and creating an inclusive culture where everyone is engaged and empowered to do their best work.
Our key initiatives include:
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• Supporting eight employee-led employee resource groups, which provide supportive community and development opportunities for various employee populations and their allies:
−Removed: NerdOut, NerdFamilies, NerdWomen, Allyship, Asian Nerds, Black Nerds, Latino and Hispanic Nerds, and Women in Data and Engineering.
−Removed: • We began 2023 with a new bronze-level certification from Black Equity at Work from Management Leadership for Tomorrow.
+Added: NerdOut, NerdFamilies, NerdWomen, Nerd Allies, Asian Nerds, Black Nerds Network, Viva Nerds, and Women in Data and Engineering.
+Added: • We began 2024 with a new silver-level certification from Black Equity at Work from Management Leadership for Tomorrow.
+Added: We also committed to the Hispanic Equity at Work Certification.
This rigorous three-year route to certification features a data-driven and comprehensive plan to drive and support racial equity at NerdWallet.
−Removed: • We use a third-party platform to analyze our employee salaries for gaps based on race or gender twice a year.
+Added: • We use a third-party platform to analyze our employee salaries to ensure pay parity.
• Offering Learning and Activism Days to inspire and encourage Nerds to learn,grow and give back to their communities.
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Our remote-first culture allows us to reach, attract and retain more diverse talent across all levels of our organization.
−Removed: Attracting and retaining highly skilled, diverse talent is a key component of our burgeoning diversity, equity and inclusion efforts, and is absolutely critical to our success as a business and to fully realizing NerdWallet’s mission.
+Added: Attracting and retaining highly skilled, diverse talent is absolutely critical to our success as a business and to fully realizing NerdWallet’s mission.
Once employees are at NerdWallet we invest in their well-being and development offering competitive compensation and benefits, opportunities for career growth, and inclusion and belonging programming.
−Removed: • Training, Learning and Development - In line with our Relentless Self-Improvement value, we encourage our employees to seek out professional development opportunities and we provide them with a yearly career enrichment stipend.
−Removed: In addition, we provide in-house opportunities for career development, including a job shadowing program, career conversations, cohort-based learning, on-demand courses, and in-depth training as part of our Career Accelerator Program (CAP) and Leadership Empowerment Accelerator Program (LEAP) aimed to increase representation of underrepresented races and ethnicities, women in leadership and women in tech and propel underrepresented women into leadership positions.
+Added: • Training, Learning and Development - In line with our Relentless Self-Improvement value, we encourage our employees to seek out professional development opportunities.
+Added: In addition, we provide in-house opportunities for career development, including a job shadowing program, career conversations, cohort-based learning, on-demand courses, and a career readiness series as part of our Career Accelerator Program (CAP) designed to invest in our early to mid-career talent in individual contributor roles and provide them with the tools and resources needed to thrive at NerdWallet.
• Compensation - NerdWallet offers market-competitive compensation to attract employees and a pay-for-performance philosophy to engage and retain our employees.
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• Influencers on social media platforms ;
+Added: • Traditional financial and depository institutions, non-bank loan originators and other small and medium-sized mortgage brokers
In addition, we compete with the following for advertising budgets designated for financial products:
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Financial services providers spend advertising budgets with online search engines, primarily Google AdWords, as many consumers turn to Google to answer their personal finance questions;
−Removed: • Online marketplaces :
−Removed: including Bankrate, Credit Karma, LendingTree and Zillow.
+Added: • Online marketplaces including Bankrate, Credit Karma, LendingTree and Zillow.
We believe we compete favorably due to the breadth and depth of our financial guidance, the trust we’ve built with our consumers, and our brand, organic traffic, convenience and simplicity.
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As a result, aspects of our business are potentially subject to a variety of U.S., UK and Canadian laws and regulations, including:
−Removed: • The Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act (FCRA), Fair and Accurate Credit Transactions Act of 2003, the Fair Housing Act, the Real Estate Settlement Procedures Act, and similar state laws, all of which place certain restrictions on the manner in which mortgages and other consumer loans are marketed and originated, and some of which impose restrictions on the amount and nature of fees that may be charged to lenders and real estate professionals for providing or obtaining consumer loan requests;
−Removed: • The Dodd-Frank Wall Street Reform and Consumer Protection Act, which imposes, among other things, a broad prohibition on Unfair, Deceptive and Abusive Acts and Practices (UDAAPs) in connection with consumer financial products and services, limitations on fees charged by mortgage lenders, and requirements related to mortgage disclosures and is enforced by the Consumer Financial Protection Bureau and state regulatory authorities;
−Removed: • The Federal Trade Commission Act (FTC Act), which, among other things, imposes a broad prohibition on Unfair and Deceptive Acts and Practices in or affecting commerce, and is enforced by the Federal Trade Commission and Canada’s Competition Act;
+Added: • The Truth-in-Lending Act (TILA), the Equal Credit Opportunity Act (ECOA), the Fair Credit Reporting Act (FCRA), Fair and Accurate Credit Transactions Act of 2003, the Fair Housing Act (FHA), the Real Estate Settlement Procedures Act (RESPA), and similar state laws, all of which place certain restrictions on the manner in which mortgages and other consumer loans are marketed and originated, and some of which impose restrictions on the amount and nature of fees that may be charged to lenders and real estate professionals for providing or obtaining consumer loan requests;
+Added: • The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which imposes, among other things, a broad prohibition on Unfair, Deceptive and Abusive Acts and Practices (UDAAPs) in connection with consumer financial products and services, limitations on fees charged by mortgage lenders, and requirements related to mortgage disclosures and is enforced by the Consumer Financial Protection Bureau (CFPB) and state regulatory authorities;
+Added: • The Federal Trade Commission Act (FTC Act), which, among other things, imposes a broad prohibition on Unfair and Deceptive Acts and Practices in or affecting commerce, and is enforced by the Federal Trade Commission (FTC) and Canada’s Competition Act;
• State laws that impose prohibitions on Unfair, Deceptive and Abusive Acts and Practices similar to the Dodd-Frank Act and FTC Act’s prohibitions;
• Federal, state and provincial licensing laws;
−Removed: • Federal and state laws, which impose restrictions on activities conducted through telephone, mail, email, mobile device or the Internet, including the Telemarketing Sales Rule, the Telephone Consumer Protection Act, the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003, and Canada’s Anti-Spam Legislation (CASL);
−Removed: • Federal and state laws relating to offering of credit repair services to consumers, including such laws that impose restrictions on the usage and storage of consumer credit information such as the Credit Repair Organizations Act and the FCRA;
−Removed: • Federal and state laws and regulations relating to data privacy and security, such as the Gramm-Leach-Bliley Act and the California Consumer Privacy Act (CCPA), which impact how we collect, use, store, share and otherwise process personal information of consumers and other individuals;
+Added: • Federal and state laws, which impose restrictions on activities conducted through telephone, mail, email, mobile device or the Internet, including the Telemarketing Sales Rule, the Telephone Consumer Protection Act, the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003, and Canada’s Anti-Spam Legislation;
+Added: • Federal and state laws relating to offering of credit repair services to consumers, including such laws that impose restrictions on the usage and storage of consumer credit information such as the Credit Repair Organizations Act and FCRA;
+Added: • Federal and state laws and regulations relating to data privacy and security, such as the Gramm-Leach-Bliley Act (GLBA) and the California Consumer Privacy Act (CCPA), which impact how we collect, use, store, share and otherwise process personal information of consumers and other individuals;
• Recent state laws regulating data privacy and security such as the CCPA;
• Foreign laws and regulations relating to data privacy and security, such as the UK General Data Protection Regulation, the UK Data Protection Act 2018 and the General Data Protection Regulation 2016/679, each of which regulates our collection, processing, disclosure and other use of data relating to identifiable living individuals (personal data).
+Added: In addition to the U.S.
+Added: federal, state and local laws described above, U.S.
+Added: federal and state agencies have broad oversight, supervision, and enforcement authority over our mortgage business.
+Added: Because we are not a depository institution, we must comply with state licensing requirements to conduct our business.
+Added: We will incur significant ongoing costs to comply with licensing and other legal requirements under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) and the Dodd‑Frank Act, among others.
+Added: As required by state law, we have additional licenses to enable us to conduct lead generation activities, and operate our loan platforms that facilitate consumer and business loans.
+Added: The licensing process includes the submission of an application to the relevant state agency, a character and fitness review of key individuals and an administrative review of our business operations.
+Added: Our mortgage brokerage business through NDL is subject to a variety of regulatory and contractual obligations imposed by federal and state authorities, as well as by wholesale lenders and investors with whom we work to facilitate mortgage transactions.
+Added: This includes compliance with regulations enforced by the CFPB, which oversees residential mortgage loan origination practices under the Dodd-Frank Act.
+Added: The CFPB has rulemaking authority over key federal consumer protection laws applicable to mortgage brokers and lenders, including TILA, RESPA, ECOA, and FCRA.
+Added: Additionally, NDL must comply with state mortgage broker licensing requirements, as well as regulatory expectations set by lenders, insurers, and government-backed loan programs such as FHA, VA, and USDA.
Available Information
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.