NerdWallet is a US-based personal finance company. The company started its operations in 2009 under Tim Chen and Jacob Gibson. Currently, it is a public company that owns its website, which is its primary product. Through its website and app, NerdWallet earns money by promoting financial products to its users. The website covers a wide range of personal finance and other financial topics.
NerdWallet is one of the most well-known companies in the personal finance sector. The company primarily makes money from its partners, which include finance companies. However, it also hosts an online platform to share articles and content. Both products make the company one of the most well-known names in the industry.
Since NerdWallet operates in the digital industry, it also garners some competition. Due to the low barriers to entry, the company competes with many names. On top of that, several alternatives exist to its business. Overall, some of the top NerdWallet competitors and alternatives include the following names.
1. Bankrate
Bankrate is a consumer financial services company. The company operates its website Bankrate.com, which is synonymous with its brand. Currently, Bankrate operates under the Red Ventures brand, being its part since 2017. Bankrate.com is a well-known brand in the online financial services industry. The company offers similar services to NerdWallet and, therefore, is its competitor.
Bankrate started its operations in 1976, long before the advent of the internet. At the time, it operated a print publishing business. In 1996, however, it began moving its business online. Apart from Bankrate.com, the company also owns several other websites. In 2016, the company reported revenues of $434.2 million. Since then, however, it has not made its financial performance public.
2. The Balance
The Balance is an American website that focuses on simplifying personal finance topics and news. The company does not offer financial services like NerdWallet. However, it competes with NerdWallet’s online news and personal finance articles platform. The Balance currently operates as a part of the Dotdash family of websites. This brand also holds various other well-known online platforms.
The Balance started its operations in 2016. Over the few years of its operations, it has created a high rank among search engines for its articles. Most of its content comes from the defunct website About.com. The website employs over 50 financial experts that write content regarding financial topics. The Balance receives 13 million visits each month and currently has over 9,000 articles.
3. Investopedia
Investopedia is an online financial platform that operates in New York City. The website started its operations in 1999. Currently, it provides products such as investment dictionaries, advice, reviews, ratings and comparisons. Most of its articles cover financial products, such as securities, investments, commodities, and other assets. The website has over 32,000 articles and receives 20 million unique monthly viewers.
Like The Balance, Investopedia operates under the Dotdash family of brands. Investopedia started as a website between two partners in Edmonton, Alberta. In 2007, it got acquired by Forbes Media, who later sold it to ValueCheck. ValueClick sold the website to IAC for $80 million in 2013. Through IAC, the company became a part of the Dotdash brand. Investopedia primarily competes with NerdWallet’s financial articles business.
4. SmartAsset
SmartAsset is a financial technology company that operates in New York. The company publishes articles, guides, reviews, calculators and tools. Primarily, it focuses on helping users decide their personal finance. SmartAsset also operates SmartAdvisor, which connects consumers with financial advisors. In those areas, the company provides similar services to NerdWallet and compete for the same customers.
SmartAsset started its operations in 2012. The company has received several rounds of fundings from venture capitalists over the years. However, it focuses more on investments than personal finance. The company currently averages over 11 million monthly Visits. SmartAsset also launched a platform known as Captivate to allow financial publishers to host their tools and online content.
5. Credit Sesame
Credit Sesame is a credit and loan company that started its operations in 2010. In terms of services, it is not similar to NerdWallet. Similarly, the company does not operate an online website to provide financial advice. However, it is a decent alternative to NerdWallet in the credit and loan services area. It also helps users achieve financial wellness by helping them manage and grow their credit.
Credit Sesame helps users improve their financial health by providing free access to credit scores. On top of that, the platform offers advice, tools and analysis. With these tools, users can take control of their finances. Credit Sesame also merges personal credit with the latest in digital banking. By doing so, it helps users manage their wallets in one place. These services make it a competitor and alternative to NerdWallet.
6. The Points Guy
The Points Guy is a platform started by Brian Kelley. The founder has experience in maximizing credit card rewards and airline miles to travel. Before founding the company, he worked at Morgan Stanley as an IT recruiter. Primarily, it is an American travel website and blog. It makes the company different from NerdWallet and some of its competitors. However, it still operates in the credit cards sector and reviews payment cards.
The company started its operations in 2010. Compared to NerdWallet, The Points Guy operates in a more specific niche. Nonetheless, both companies have some overlaps with the customers they serve. While the platform only hosted articles written by the founder initially, it started hiring employees later. Currently, the company holds offices in four locations.
7. ValuePenguin
ValuePenguin is an online platform that focuses on presenting valuable data and comparison tools. The website helps users make smart financial choices based on their specific situations. Similarly, ValuePenguin allows them to compare different insurances and credit cards. The website hosted over 16 million users in 2018. Currently, it operates as a part of the LendingTree brand.
In 2018, ValuePengiun reported revenues of $12.5 million for the first three quarters. On top of that, it had an EBITDA of $9 million, making it a highly profitable company. The company primarily aims to provide readers with valuable research and data. While it does not have a similar operation as NerdWallet, both companies collide in some sectors. However, ValuePenguin also includes insurance, which is valuable to some users.
8. EverQuote
EverQuote is not a NerdWallet competitor due to its focus on insurance products and services. It is an online insurance marketplace founded in 2011. Initially, it focused on car or auto insurance only. However, it has expanded its operations to cover home, health and life insurance. EverQuote provides a decent alternative to NerdWallet in those sectors.
EverQuote serves over 5,000 insurance companies and agencies. On top of that, it has over 6 million monthly active users. The company focuses on providing insurance comparison services. In addition to that, it also offers editorial content to its users. The company currently operates from Cambridge, Massachusetts. Its services are free to insurance-seekers, making it highly favourable.
9. ZestFinance
ZestFinance is a part of Zest AI, a private financial software company. The company develops and markets machine learning software that underwriters use to assess borrower risk. Currently, it operates from Los Angeles, California. Zest AI is well-known for its software products. Through this software, the company produces a commonly digitized credit score.
Zest AI started its operations in 2009 under the ZestFinance name. The company aimed to provide direct-to-consumer subprime lender services. Later, however, it transitioned to selling its software to other lenders. Although the company does not serve the common userbase as NerdWallet, it still provides similar services. On top of that, the Zest AI focuses on software for lenders, which NerdWallet does not.
10. The Penny Hoarder
The Penny Hoarder is an American personal finance website. The company publishes media content about different techniques to make and save money. Currently, the company operates from St. Petersburg, Florida, under the Clearlink brand. The website started as its founder’s personal project to convey his methods to manage money. At the time, he was paying off $50,000 in student and credit card debt.
In 2010, Kyle Taylor founded The Penny Hoarder to share his experience of managing money. The website covers an expansive selection of financial topics. Primarily, they include homey buying and credit scores. However, it focuses more on making and saving money or personal finance topics. The company also owns The Penny Hoarder Academy. This product offers guides and tips on common financial topics.
Conclusion
NerdWallet is an American personal finance company. It operates an online platform that helps users manage their credit and money. Apart from that, it also provides advice and guides on various personal finance topics. Due to the low barriers to entry in the market, NerdWallet competes with several names. Some of the company’s competitors and alternatives are available above.
