NerdWallet Sees Acquisition of Mortgage Broker Panning Out Like Past Deal -- Market Talk

Dow Jones
2024/10/31

1404 ET - NerdWallet sees its acquisition of mortgage broker Next Door Lending playing out similarly to its deal for Fundera from 2020. Fundera supported the financial education company's content on small business loans. It ultimately led to a digital or human experience for customers as they shopped and compared options. Next Door can function similarly for customers who are shopping for mortgages or need assistance along their journey, as well as repeat business if they ever refinance. "The idea there is it improves our mortgage unit economics and it also builds a recurring relationship with the user," says CEO Tim Chen. "It's very similar... to the small business loan broker that we bought four years ago. So similar hypothesis there." Shares surge 35% to $15.27 following an increase in 3Q revenue. (denny.jacob@wsj.com; @pennedbyden)

(END) Dow Jones Newswires

October 30, 2024 14:04 ET (18:04 GMT)

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