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NerdWallet to buy On the Barrelhead

NerdWallet to buy On the Barrelhead

American personal finance outfit NerdWallet has agreed to pay $120 million to buy On the Barrelhead, a platform that provides consumers and SMBs with credit-driven product recommendations.

Under the agreement - slated to close in the third quarter - NerdWallet will pay about $70 million in cash and $50 million in Class A common stock.

On the Barrelhead provides consumers and SMBs with highly personalised credit recommendations by matching customer credit information with financial partner data. The firm reported $38 million in revenues for the year ended 31 December, with $5 million in net income.

It will be fully integrated into NerdWallet’s existing teams, brand, products and technology. The buyer says it expects that its brand and reach combined with On the Barrelhead’s technology will unlock profitable growth at scale.

Tim Chen, CEO, NerdWallet, says: "Our vision for a trusted financial ecosystem means we’re able to provide consumers and SMBs with a trusted platform to learn about various financial topics, shop for products, connect their data and receive data-driven nudges.

"On the Barrelhead’s data and technology solutions will help us advance toward our goal by enabling us to leverage consumer information to provide users with relevant financial guidance and more personalized and compelling product recommendations."

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