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NerdWallet to acquire On the Barrelhead

Monday 27 June 2022 12:34 CET | News

NerdWallet, a US-based platform that provides financial guidance to consumers and small- and mid-sized businesses (SMBs), has acquired On the Barrelhead, a data-driven platform that provides credit-driven product recommendations.

Under the terms of the merger agreement, NerdWallet will acquire all the shares of On the Barrelhead for total consideration of approximately USD 120 million, subject to customary purchase price adjustments, consisting of approximately USD 70 million in cash and USD 50 million in NerdWallet Class A common stock. NerdWallet expects to finance the cash portion of the acquisition with borrowings from its existing credit facility. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2022.

Through this acquisition, On the Barrelhead will fully integrate into NerdWallet’s existing teams, brand, products, and technology. In addition to NerdWallet’s ongoing expansion into new financial categories and geographies, the deal reinforces NerdWallet’s ability to vertically integrate, as proven with its acquisition of Fundera.

On the Barrelhead is a platform that provides consumers and SMBs with personalised credit recommendations by matching customer credit information with financial partner data. By leveraging data analysis, the platform also helps users improve their finances by surfacing new product recommendations to manage their debt and save them money.


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Keywords: acquisition, data, merger, transactions , expansion
Categories: Banking & Fintech
Companies: NerdWallet, On the Barrelhead
Countries: United States
This article is part of category

Banking & Fintech

NerdWallet

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On the Barrelhead

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