NerdWallet Inc, the proprietor of the eponymous consumer financial advice website, has privately submitted paperwork to U.S. regulators for an initial public offering (IPO) sources revealed on Friday.
NerdWallet has employed a group of investment banks, led by Morgan Stanley to organize the Initial public offering and is expecting to open up to the public before the year’s end, the sources said. The San Francisco-based company could seek a valuation of as much as $5 billion, two of the sources added.
The sources advised that the circumstance of the Initial public offering and the valuation are subject to market conditions and asked not to be identified in view of the fact that the arrangements are private.
NerdWallet and Morgan Stanley declined to remark.
Various high-profile financial technology organizations, like Affirm Holdings Inc have gone public in the last half year, while others like online financier Robinhood Markets Inc, Brazil’s Nubank and financial services startup Chime are getting ready to do so not long from now.
Established in 2009 by former hedge fund executive Tim Chen and Jake Gibson, a former trader at JPMorgan Chase, NerdWallet gives financial direction to clients on credit cards, loans, mortgages and other financial products. It flaunts in excess of 100 million clients every year of its personal finance website and mobile phone application and counts venture capital firm IVF and SVB Financial Group among its investors.
NerdWallet has expanded quickly over the past year through acquisitions of companies, including UK-based companion Know Your Money and New York City-based Fundera, which operates a market place for small businesses searching for loans.
In December, NerdWallet employed former eBay Inc executive Lauren St. Clair as its CFO.
