NerdWallet to acquire Durango’s On the Barrelhead in $120M deal

DURANGO, Colorado — San Francisco-based NerdWallet Inc. (Nasdaq: NRDS), an online platform that provides financial guidance to consumers and small- and mid-sized businesses, has signed an agreement to acquire On the Barrelhead Inc., a Durango-based company that provides credit-driven recommendations to help customers improve their financial lives.

Through the acquisition, On the Barrelhead will integrate into NerdWallet’s existing teams, brand, products and technology, the companies said in a press release. The deal is valued at about $120 million, including $70 million in cash and $50 million in NerdWallet Class A common stock.

“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,” Tim Chen, CEO and co-founder of NerdWallet, said in a prepared statement. “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. Their differentiated technology solutions and NerdWallet’s trusted brand and reach will also strengthen our footprint in the lending space by providing significant value to our partners.”

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On the Barrelhead’s platform provides consumers and SMBs with highly personalized credit recommendations by matching customer credit information with financial-partner data. 

“Finding trustworthy guidance and recommendations on how to access capital and consolidate debt is hard to come across for consumers and SMBs,” Sam Yount, CEO and co-founder of On the Barrelhead, said. “We are excited to be joining NerdWallet’s dedicated and knowledgeable team to unlock more ways for our users to optimize their finances.”

On the Barrelhead recorded revenue of about $38 million for the 12 months ended Dec. 31.