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Tech startup NerdWallet raises $64m in first funding round

Funding exceeded the company's expectations.

By CBR Staff Writer

Personal financing startup NerdWallet has raised $64m in its first round of funding, with the company looking to use the money to expand its business which helps consumers make money decisions.

The company also managed to raise $36m through a revolving loan facility with Silicon Valley Bank.

According to reports, the funding came from angel investors from the financial technology sector and was led by Institutional Venture Partners, along with RRE Ventures and iGlobe Partners.

NerdWallet helps its customers select the best life insurance plans, and helps them make financial decisions during major life events.

However, presently the company is focusing on the content business. It presently competes against Bankrate and Credit Karma, and generates revenue by matching its customers with appropriate financial products.

Reuters cited sources familiar with the matter as saying that the company is likely to become a Silicon Valley unicorn if it manages to reach a $1bn valuation, as only eight startups have managed to raise more than $50m in series A funding since 2014.

The company has also attracted engineers and product managers from some of the biggest names in the Silicon Valley including LinkedIn and Twitter.

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