Bankrate

Last updated
Bankrate, LLC
Company type Subsidiary
Industry Internet
Founded1976;48 years ago (1976)
Headquarters
New York City, New York
,
U.S.
Key people
Greg McBride, Chief Financial Analyst, [1] Mark Hamrick, Washington Bureau Chief and Senior Economic Analyst [2]
RevenueIncrease2.svg US $434.2 million (2016) [3]
Number of employees
384 [4]
Parent Red Ventures
Website Bankrate.com

Bankrate, LLC is a consumer financial services company based in New York City. Bankrate.com, perhaps its best-known brand, is a personal finance website. As of November 8, 2017, it became a subsidiary of Red Ventures through an acquisition. [5]

Contents

History

Bankrate was founded in 1976 by Robert K. Heady as a print publisher of the "Bank Rate Monitor." [4]

In 1996, the company began moving its business online. [4] Today, Bankrate, Inc.'s online network includes Bankrate.com as well as CreditCards.com, Caring.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, ThePointsGuy.com, Bankrate.com.cn, CreditCards.ca, NetQuote.com, CD.com, Walla.by and Quizzle.

The online network received over 150 million visits in 2010. [4]

In January 2011, Bankrate completed the acquisition of Trouve Media. In December 2011, Bankrate completed the acquisition of substantially all of the assets of InsWeb Corporation for $65 million in cash. [6]

In March 2012, Bankrate acquired InsuranceAgents.com. [7]

After spending 10 years as a public company traded on the NASDAQ, Bankrate was acquired in 2009 by Apax Partners in a transaction valued at approximately $571 million. [8]

In June 2011, Bankrate raised a total of $300 million in gross proceeds with a successful initial public offering on the New York Stock Exchange. [9] In December 2011, Bankrate priced a secondary offering of 12.5 million shares at $17.50 per share. [10]

In 2012, the company purchased The Points Guy, a site that publishes travel-oriented articles highlighting the credit cards it sells. [11]

In 2014, Bankrate acquired Caring.com for $54 million. [12]

Kenneth S. Esterow was appointed Bankrate's President and Chief Executive Officer in January 2014, having previously served as Senior Vice President – Chief Operating Officer from September 2013 to December 2013. [13]

Bankrate was acquired by Red Ventures for $1.24 billion in November, 2017. [14]

In January 2018, Bankrate expanded into the UK with an office, editorial, and commercial teams in London, along with a localized Bankrate UK website. [15] The site is run by Sebastian Anthony, former editor of Ars Technica .[ citation needed ]

In September 2018, the former chief financial officer Edward J. DiMaria was found guilty of committing accounting and securities fraud which led to over $25 million in shareholder losses. [16] DiMaria was sentenced to 10 years in prison, and ordered to pay $21,234,214 in restitution. Former vice president of finance Hyunjin Lerner also pleaded guilty for his role in the conspiracy and was sentenced to 5 years in prison. [17]

Products and Services

The New York Stock Exchange on June 17, 2011, when Bankrate's shares were listed. Bankrate NYSE listing 2011 Shankbone.jpg
The New York Stock Exchange on June 17, 2011, when Bankrate's shares were listed.

Since the beginning, Bankrate has provided information about interest rates. Beginning in 2004, Bankrate also began offering financial education content, insurance quotes, and credit card offers. [18]

One of Bankrate's reports in 2014 determined the costs of car ownership in each state, taking into account the costs of gas and insurance, among other factors. The data suggested that Wyoming is the most expensive state in the nation to own a car. [19]

Honors

The National Association of Real Estate Editors in 2014 named Bankrate's Mortgage blog the winner of its Best Blog and Best Column awards. [20]

In October 2012, Advertising Age ranked Bankrate as the fifth fastest-growing media company. [21]

Bankrate's "Financial Regulation, One Year Later" package earned a 2012 "Best in Business" award from the Society of American Business Editors and Writers (SABEW). [22]

Bankrate won two SABEW Awards in 2011: Holden Lewis' mortgage blog and Bankrate's explanatory series on financial reform were honored. [23]

Bankrate writers have won awards from the Society of Professional Journalists several times, most recently in 2007 for their coverage of the Federal Reserve Open Market Committee's rate cut. [24]

In 2008, Forbes named Bankrate #41 in its list of America's 200 Best Small Companies. [25] Forbes previously had honored the website in its "Best of the Web" series five times between 1999 and 2004. [26]

See also

Related Research Articles

<span class="mw-page-title-main">Aon (company)</span> British multinational corporation

Aon plc is a British-American professional services and management consulting firm that offers a range of risk-mitigation products. Aon has approximately 50,000 employees across 120 countries.

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. As of May 2024, Blackstone has more than US$1 trillion in total assets under management making it the largest alternative investment firm globally.

<span class="mw-page-title-main">Capital One</span> Bank holding company headquartered in McLean, Virginia

Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered in Tysons, Virginia with operations primarily in the United States. It is the 12th largest bank in the United States by total assets as of 2022, the third largest issuer of Visa and Mastercard credit cards, and one of the largest car finance companies in the United States.

Money is an American brand and a personal finance website owned by Money Group — and formerly a monthly magazine first published by Time Inc. (1972–2018) and later by Meredith Corporation (2018–2019). Its articles cover the gamut of personal finance topics ranging from credit cards, mortgages, insurance, banking and investing to family finance issues like paying for college, credit, career and home improvement. It is well known for its annual list of "America's Best Places to Live".

<span class="mw-page-title-main">PNC Financial Services</span> Major bank based in Pittsburgh

The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.

<span class="mw-page-title-main">Genworth Financial</span> American insurance company

Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities.

<span class="mw-page-title-main">Nasdaq, Inc.</span> American multinational financial services corporation

Nasdaq, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, and seven European stock exchanges: Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, and Nasdaq Vilnius. It is headquartered in New York City, and its president and chief executive officer is Adena Friedman.

<span class="mw-page-title-main">Fiserv</span> Provider of financial services technology to banks

Fiserv, Inc. is an American multinational company headquartered in Milwaukee, Wisconsin, that provides financial technology and services to clients across the financial services sector, including banks, thrifts, credit unions, securities broker dealers, mortgage, insurance, leasing and finance companies, and retailers.

<span class="mw-page-title-main">Ally Financial</span> American financial services company

Ally Financial Inc. is a bank holding company organized in Delaware and headquartered at Ally Detroit Center in Detroit, Michigan. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and other related financing services such as installment sale and lease agreements.

<span class="mw-page-title-main">Apax Partners</span> British private equity firm

Apax Partners LLP is a British private equity firm, headquartered in London, England. The company also operates out of six other offices in New York, Hong Kong, Mumbai, Tel Aviv, Munich and Shanghai. As of March 2024, the firm had raised and advised funds of approximately $77 billion (USD). Apax Partners is one of the oldest and largest private equity firms operating on an international basis.

<span class="mw-page-title-main">Jefferies Financial Group</span> American financial services company

Jefferies Financial Group Inc. is an American financial services company based in New York City and listed on the Fortune 1000.

TD Cowen, is an American multinational investment bank and financial services division of TD Securities that operates through two business segments: a broker-dealer and an investment management division.

<span class="mw-page-title-main">Regions Financial Corporation</span> Financial services company based in Birmingham, Alabama

Regions Financial Corporation is an American bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail and commercial banking, trust, stock brokerage, and mortgage services. Its banking subsidiary, Regions Bank, operates about 2,000 automated teller machines and 1,300 branches in 15 states in the Southern and Midwestern United States. Regions is ranked 483rd on the Fortune 500 and 140th on Fortune's list of "America's Most Innovative Companies. Component headquartered in Alabama, Regions is also on the list of largest banks in the United States.

<span class="mw-page-title-main">Flagstar Bank</span> American bank

Flagstar Bank is an American commercial bank headquartered in Troy, Michigan. A wholly owned subsidiary of New York Community Bank, Flagstar is one of the largest residential mortgage servicers in the United States, and was among the largest banks in the United States prior to its acquisition in 2022.

NetBank, formerly named Atlanta Internet Bank (1996) and Net.B@nk (1998), was a direct bank.

<span class="mw-page-title-main">Intercontinental Exchange</span> American exchange and clearing house company

Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell 1000, the company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada, and Europe; the Liffe futures exchanges in Europe; the New York Stock Exchange; equity options exchanges; and OTC energy, credit, and equity markets.

<span class="mw-page-title-main">Red Ventures</span> American media company

Red Ventures is an American media company that owns and operates brands such as Lonely Planet, CNET, ZDNet, The Points Guy, Healthline, and Bankrate. Red Ventures focuses on news, advice, and review websites. The company's corporate headquarters is located in Indian Land, South Carolina, a suburb of Charlotte, North Carolina.

Conning is a global investment management firm serving the insurance industry. Conning supports institutional investors, including pension plans, with investment and asset management products, risk modeling software, and industry research. Founded in 1912, Conning has offices in Boston, Cologne, Hartford, Hong Kong, London, New York and Tokyo.

SoFi Technologies, Inc. is an American online personal finance company and online bank. Based in San Francisco, SoFi provides financial products including student loan refinancing, mortgages, personal loans, credit card, investing, and banking through both mobile app and desktop interfaces.

Credible Labs Inc., commonly known as Credible, is a financial technology company headquartered in San Francisco. The company also does business through its subsidiary Credible Operations, Inc. Its online marketplace offers consumers the ability to compare and refinance loans, mortgages, and other financial products from lenders. Credible became a subsidiary of Fox Corporation in 2019. In December 2021, Credible acquired digital insurance platform Young Alfred, adding various kinds of insurance including home, auto, and pet to its platform.

References

  1. ↑ "Bankrate Author Profile Greg McBride".
  2. ↑ "Bankrate Author Profile Mark Hamrick".
  3. ↑ "Bankrate Reports Fourth Quarter and Full Year 2016 Financial Results".[ permanent dead link ]
  4. 1 2 3 4 "Amendment No. 1 to Form S-1 Registration Statement Under the Securities Act of 1933" . Retrieved 2012-02-07.[ permanent dead link ]
  5. ↑ "Red Ventures Announces Closing of Acquisition of Bankrate, Inc". www.redventures.com. Retrieved 2020-05-19.
  6. ↑ "Bankrate, Inc. Completes Acquisition of Insurance Lead Generation and Marketing Assets of InsWeb Corporation" . Retrieved 2012-02-04.
  7. ↑ "Bankrate Buys Columbus Leads Generator InsuranceAgents.com" . Retrieved 2012-05-11.
  8. ↑ "Bankrate, Inc. Agrees to be Acquired by Apax Partners for $28.50 Per Share in Cash" (Press release). Bankrate, Inc. July 22, 2009.[ permanent dead link ]
  9. ↑ "Bankrate, Inc. Celebrates Initial Public Offering and First Day of Trading on the New York Stock Exchange" (Press release). New York Stock Exchange. June 17, 2011.
  10. ↑ "Bankrate, Inc. Announces Pricing of Secondary Offering" (Press release). Bankrate, Inc. December 6, 2011.
  11. ↑ Martin, Grant (December 1, 2014). "The Blurring Ethical Lines Between Credit Card Companies and Travel Writers". Skift.com.
  12. ↑ "Bankrate buys Caring.com for $54 million". Silicon Valley Business Journal. Retrieved 2020-03-31.
  13. ↑ "PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934". April 30, 2014. Archived from the original on 2015-03-27.
  14. ↑ "Red Ventures to Buy Bankrate for $1.24 Billion". CNBC. July 3, 2017. Retrieved July 23, 2018.
  15. ↑ "Bankrate UK - We can help you buy the home you want".
  16. ↑ Heller, Matthew (2018-09-26). "Ex-Bankrate CFO Gets 10 Years for $25M Fraud". CFO. Retrieved 2020-04-23.
  17. ↑ "Former Chief Financial Officer of Bankrate Inc. Sentenced to 10 Years in Prison for Orchestrating a Complex Accounting and Securities Fraud Scheme". www.justice.gov. 2018-09-25. Retrieved 2019-06-03.
  18. ↑ "Form 10-K". U.S. Securities and Exchange Commission. 12 Mar 2012. Retrieved 11 Jul 2018.
  19. ↑ Chokshi, Niraj. "Map: The most expensive state to be a car owner is … Wyoming?". The Washington Post. Retrieved 12 August 2014.
  20. ↑ "National Association of Real Estate Editors". www.naree.org. Retrieved 2020-06-10.
  21. ↑ "Your Guide to the Leading Media Companies 2012". SABEW. October 1, 2012. Retrieved 2012-11-07.
  22. ↑ "Complete List of Winners in SABEW's 17th Annual Best in Business Awards". SABEW. February 17, 2012. Retrieved 2012-02-21.
  23. ↑ "202 Winners Announced for SABEW's Annual Best in Business Contest". SABEW. March 18, 2011. Retrieved 2011-09-16.
  24. ↑ "SPJ Announces the 2007 Sigma Delta Chi Award Winners" (Press release). Society of Professional Journalists. April 14, 2008. and "54th Annual Green Eyeshade Excellence in Journalism Award Winners" (Press release). April 12, 2004. and "1999 Sigma Delta Chi Award Honorees" . Retrieved 2008-11-30.
  25. ↑ "#41 Bankrate". Forbes.com. October 8, 2008. Archived from the original on 12 December 2008. Retrieved 2008-11-28.
  26. ↑ "Award-winning content". Bankrate. Archived from the original on 23 June 2011. Retrieved 2011-07-28.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.