Financial guidance platformNerdWalletsays it was the victim of a fraudulent bankruptcy filing.
As Reuters reported Saturday (March 2), the company said that it did not file for bankruptcyand that the filing that showed up on an electronic public access service for U.S. federal court documents was fraudulent.
“NerdWallet did not file for bankruptcy. This is a fraudulent filing and we are actively investigating the situation,” the company said in a statement.
The Reuters report noted that the filing was signed by Robert Johnson and included an address in Buffalo, New York, that appeared to belong to a residential property.
A spokesperson for NerdWallet confirmed the Reuters report in a statement to PYMNTS Sunday (Mar. 3) evening.
In other recent NerdWallet news, PYMNTS wrote last fall about thecompany’s launchof its first credit card, dubbed NerdUp.
“NerdWallet identified a major gap in the market that needed to be addressed — too many Americans are denied access to build and improve their credit, often because of current secured card terms, such as annual fees, high minimum deposits and hard credit checks,” the company said in a news release.
NerdUp, launched in partnership with Bond, offers several features that aim to remove barriers for consumers who want to establish credit.
“We don’t strive to offer our own financial products, but in this case we saw an opportunity to address a gap in the market,” NerdWallet CEO and Co-Founder Tim Chen said in the release. “With NerdUp, we believe we can create a win-win-win for consumers, traditional card issuers and NerdWallet.”
The company also teamed with embedded finance platformupSWOTlast year to offer a set of“comprehensive financial solutions”to small businesses.
The last few weeks have seen some high-profile bankruptcies, including one forThrasio Holdings, a once high-flying Amazon aggregator that filed for Chapter 11 last week.
“At a high level, the aggregators are built on the premise of acquiring private-label sellers that have been visible, successful and growing via Amazon,” PYMNTS wrote.
“In many cases, the platform may have been the key way these smaller storefronts were gaining sales. Selling a business to Amazon in the past couple of years, especially during COVID-19, might have seemed like a way to cash in on the rise of digital-only shopping. For the aggregators, the post-acquisition endeavor is one where they seek to optimize operations — and in some cases, branch onto other platforms.”
But things changed rapidly following the pandemic, with funding for these companies plunging by 88% between 2021 and 2022.
FAQs
March 2 (Reuters) - NerdWallet Inc (NRDS. O) , opens new tab said on Saturday that it did not file for bankruptcy, saying a fraudulent filing appeared on an electronic public access service for U.S. federal court documents. "NerdWallet did not file for bankruptcy.
Is the NerdWallet app safe? ›
We use industry-standard security controls, such as cryptography, to protect your personally identifying information. And our partners TransUnion and Plaid do the same.
Who is behind NerdWallet? ›
Tim Chen is the founder and CEO of NerdWallet. A former hedge fund equity analyst specializing in payment processing companies, credit card networks, and technology companies, Tim also worked as an equity research analyst at Credit Suisse First Boston. He is a graduate of Stanford University with a degree in economics.
What does NerdWallet do for you? ›
The company's goal is to provide information that educates users in making financial decisions. NerdWallet's website and app feature comparison tools for financial products such as credit cards, checking accounts, and mortgages, as well as loan, net-worth, and credit-score calculators.
Is NerdWallet available in India? ›
NERDWALLET INDIA PRIVATE LIMITED's Corporate Identification Number (CIN) is U72900KA2018FTC112053. You can contact them by sending an email to [email protected] or visit them at their registered address 104, PRESTIGE MERIDIAN - I NO. 29 M.G. ROAD BANGALORE Bangalore-560001 Karnataka.
Does NerdWallet sell your info? ›
We may share information collected directly from you with unaffiliated third-party partners in connection with your use of specific aspects of the Services. Some examples include but are not limited to: When you request to prequalify for a third-party loan or credit card product on NerdWallet Services and.
How do I get rid of NerdWallet? ›
To close your account from the NerdWallet app
For Android devices: Tap the circle icon in the upper right-hand corner. Tap Settings. Scroll down toward the bottom and tap Close My Account. Tap Yes, Close.
Is NerdWallet like Credit Karma? ›
Credit Karma's competitors include NerdWallet and Credit Sesame, both of which also offer free credit score information and financial tools. In addition, Intuit states that its business segments, including Credit Karma, face intense competition from: Business software providers.
What is better than NerdWallet? ›
NerdWallet's top competitors include SmartAsset, Frank, and Credit Sesame. SmartAsset offers a consumer-focused financial information and advice platform operating in the financial services industry.
Is NerdWallet the same as WalletHub? ›
Overall, NerdWallet does more than WalletHub. In addition to letting you check your credit score and report, NerdWallet shows you your net worth and cash flow by connecting to your bank accounts and credit cards and importing all your financial transactions.
NerdWallet recommends the 50/30/20 budget, which suggests that 50% of your income goes toward needs, 30% toward wants and 20% toward savings and debt repayment. Monitor your credit, track your spending and see all of your finances together in a single place.
Does NerdWallet connect to bank account? ›
To link a bank account using the NerdWallet app
Tap the circle menu icon at the top right corner of your screen. Tap Financial Info then Linked Financial Institutions. Tap Add Your First Account. You'll be prompted to enter a phone number to receive a confirmation code.
Is there a monthly fee for NerdWallet? ›
NerdWallet is entirely free for our account holders. So how do we make money? Our partners compensate us.
How many employees does NerdWallet have? ›
Compare NRDS With Other Stocks
| NerdWallet Annual Employee Count |
|---|
| 2022 | 770 |
| 2021 | 675 |
| 2020 | 675 |
| 2019 | |
1 more rowThey started yielding a profit in 2015. NerdWallet now generates $150 million in annual revenue and has more than 39 million monthly visits to its apps. Nerdwallet landed on the Nasdaq Exchange on November 4, 2021, using the ticker symbol NRDS.
Is NerdWallet safe to give a social security number? ›
Yes, NerdWallet is safe.
Why does NerdWallet need my SSN? ›
Once you give NerdWallet your Social Security number and connect your financial accounts (if you choose), you get insight about your financial state as soon as you log in, including your most recent credit score.
Does NerdWallet charge a fee? ›
NerdWallet is entirely free for our account holders. So how do we make money? Our partners compensate us.
Does using NerdWallet affect credit score? ›
Checking your credit score on NerdWallet only prompts a soft inquiry on your credit report - not a hard inquiry - and will never impact your score in any way, no matter how often you check it. This article includes more detail about this: Does Checking My Credit Score Lower It?
