US-based financial guidance website and app NerdWallet has acquired UK price comparison site Know Your Money for an undisclosed sum.
NerdWallet provides financial guidance to more than 160m US consumers every year and has a range of product finding services covering investments, mortgages and other areas.
The companies say they will aim to provide “the most comprehensive financial comparison website in the UK, delivering industry-leading financial content, tools and independent reviews to help consumers make better financial decisions.”
NerdWallet was founded in 2008 and is based in San Francisco,
In the US the company offers a consumer finance website and app that helps people with their personal finances.
Know Your Money was co-founded in Norwich in 2004 by John Ellmore and Jason Tassie, digital marketing specialists with experience at Google and Aviva.
Last year, Deloitte named Know Your Money a Fast Track 500 business, and in 2017 the Sunday Times included it in its Tech Track 100 shortlist.
NerdWallet says it chose Know Your Money for its 15 years of expertise in the UK market. NerdWallet plans to expand Know Your Money into new personal finance areas although it has not yet made clear which ones. Know Your Money does not currently offer investment product comparisons.
Tim Chen, co-founder and CEO of NerdWallet, said: “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.”
“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.”
Know Your Money co-founder Jason Tassie said: “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.”
Norwich-based Know Your Money will become a NerdWallet subsidiary and all employees will stay on, including Mssrs Ellmore and Tassie.
The acquisition is subject to approval from the Financial Conduct Authority.