EXCLUSIVE files from personal finance startup NerdWallet for US IPO – sources

An undated handout image of the NerdWallet mobile app. NerdWallet/Handout via REUTERS

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May 14 (Reuters) – NerdWallet Inc, the owner of the eponymous consumer financial advice website, confidentially filed documents with U.S. regulators for an initial public offering (IPO), people familiar with the matter said on Friday.

NerdWallet has hired a group of investment banks, led by Morgan Stanley (MS.N), to organize the IPO and aims to go public before the end of the year, the sources said. The San Francisco-based company could seek a valuation of up to $5 billion, two of the sources added.

The sources cautioned that the timing of the IPO and valuation are subject to market conditions and asked not to be identified because the preparations are confidential.

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NerdWallet and Morgan Stanley declined to comment.

Several high-profile fintech companies, such as Affirm Holdings Inc (AFRM.O), have gone public in the past six months, while others, including online brokerage Robinhood Markets Inc, Brazil’s Nubank, and Chime financial services, are preparing to do so. so later this year. read more

Founded in 2009 by former hedge fund executive Tim Chen and former JPMorgan Chase (JPM.N) trader Jake Gibson, NerdWallet provides financial guidance to users on credit cards, loans, mortgages and other financial products. It has more than 100 million users each year of its personal finance website and mobile app and counts venture capital firm IVF and SVB Financial Group (SIVB.O) among its investors.

NerdWallet has expanded rapidly over the past year through company acquisitions, including UK-based Know Your Money and New York City-based Fundera, which operates a marketplace for small businesses seeking loans.

In December, NerdWallet hired former eBay Inc (EBAY.O) executive Lauren St. Clair as CFO.

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Reporting by Anirban Sen in Bangalore and David French in New York; Edited by Aurora Ellis

Our standards: the Thomson Reuters Trust Principles.

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