Nerdwallet (NRDS) is a California-based personal finance company.
And at its initial public offering earlier this month, Nerdwallet saw its share rise from an asking price of $18 per share to $28.30 per share. This represents an opening-day rise of 57.2%.
The rise was largely fueled by the popularity of its services. Nerdwallet offers unbiased suggestions to individuals and small-to-medium-sized businesses on the best credit cards, financial advisors, insurance, loans, and mortgages.
These services have helped Nerdwallet grow its user base to 20 million per month and acquire online loan platform company Fundera to further expand its operations.
Now that the company is trading publicly, the exposure garnered should increases its growth prospects. Nerdwallet said that with the proceeds of its successful market debut, the company will fully pay off its relatively small debt of $30 million.
Once this task is complete, the financial services company added that it would focus on building out its organic experience and services – as well as on diversifying its operations, the number of industries it serves, and further acquisitions.
So, if momentum continues – and Nerdwallet maintains its disciplined approach to its balance sheet and future investments – the company’s shares could continue to rise over the long term.
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