Former HSBC executive invests $5m in NerdWallet and joins its board of directors

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The personal finance startup has added another banking heavyweight to its board of directors, raising $5m in the process.

Simon Williams, chairman and CEO of Camelot Financial Capital Management LLC, has been elected to the company’s board of directors. It also announced that Camelot has invested $5 million in NerdWallet, bringing the company’s Series A funding to $69 million, following its huge $64m round back in May.

Williams – a former CEO of Citibank Retail Banking and group head of HSBC Wealth Management – will use his experience in banking to ensure NerdWallet stays on the right track as it gives consumers clarity around all of life’s financial decisions. According to the company, More than three million consumers turn to NerdWallet every month for tools, research and expert advice on topics ranging from the best credit card to how to plan for retirement.

“I am incredibly excited to welcome Simon onto the board. We share the same passion for changing the status quo in personal finance and putting the consumer first. Simon’s inside knowledge of the retail banking industry will be incredibly valuable as we revolutionize the way consumers choose, and institutions market, personal finance products,” said Tim Chen, co-founder and CEO of NerdWallet.

NerdWallet spent 2015 recruiting finance heavyweights in order to ameliorate the service it provides. In May 2015, James D. Robinson III, former CEO of American Express, and Vikram Pandit, former CEO of Citigroup, were named board advisors.

“There is a seismic change in the financial services industry. I look forward to working with Tim and the management team to bring the company’s philosophy and business objectives to fruition,” said Simon Williams.

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