NerdWallet, the online tools platform that helps customers understand how to make better financial decisions, has raised $64m in a Series A round led by IVP and RRE Ventures. The money is ostensibly much more than the company needs right now, but NerdWallet CEO Tim Chen believes that the huge pile of cash will help attract the best talent. Since 2014, eight US startups have raised Series A rounds in excess of $50m.
While the San Francisco-based company has already attracted top engineers and product managers from companies such as LinkedIn Corp and Twitter Inc, having such a large first check from a top-tier venture capital firm, IVP, will help it recruit more in Silicon Valley's tough job market, he said. A recruiter says the strategy makes sense. “It’s like a seal of approval,” said Karen Myers, co-founder of the Talent Farm.