Bankrate
Bankrate is a US personal finance information and comparison brand originating in Bank Rate Monitor, founded by Robert K. Heady in 1982. Its website launched in 1996. It covers banking products, mortgages, credit cards and loans and was acquired by Red Ventures in 2017.
Contents9 sections
Key facts
1982Origins in a Rate Newsletter
According to Bankrate’s founder profile, financial journalist Robert K. Heady founded Bank Rate Monitor in 1982. As US bank interest-rate controls were relaxed, the newsletter collected and compared institutions’ rates to help readers understand differences in saving and borrowing products.[1]
1996Transition to the Web
Bankrate launched its website in 1996, bringing rate information previously distributed through a newsletter online. It subsequently expanded into personal finance explanations, comparison tools and calculators. Its founder profile identifies this move to the web as part of the brand’s development.[1]
2009–2011Apax Acquisition and Return to Public Markets
Funds advised by Apax acquired Bankrate for $571 million in August 2009. Bankrate acquired CreditCards.com and Netquote.com in the second half of 2010, expanding in credit cards and insurance. Its shares began trading on the New York Stock Exchange as RATE on June 17, 2011. Apax reported retaining approximately 70% of the common stock after that IPO.[2]
2015Accounting Investigation and Settlement
In September 2015, the SEC announced that Bankrate agreed to pay $15 million to settle accounting-fraud charges relating to second-quarter 2012 reporting. The SEC alleged that former executives inflated revenue and understated expenses to meet market expectations for an adjusted earnings metric. Bankrate accepted the order without admitting or denying the findings and said the accounting items had been addressed in an earlier restatement.[3][4]
November 2017Acquisition by Red Ventures
Content and Tools: Rates and Financial Comparisons
Bankrate covers personal finance topics including bank accounts, mortgages, credit cards and loans through editorial content, rate data, calculators and product comparisons. Its website presents it as an information platform for understanding financial choices, with the underlying products supplied by banks, lenders and other providers.[7]
Business Model: Partner Fees and Mortgage Rankings
Bankrate receives fees from partner providers to support its content, data and comparison services. In its mortgage-comparison disclosure, it says participating lenders pay fixed fees, cannot pay more for a higher ranking and are ordered by borrowing cost. It says information is passed to the selected lender when a user proceeds. These are Bankrate’s published descriptions of its mortgage-comparison process.[8]
Related Organizations, Websites, and Public Accounts
Bankrate: Official website: https://www.bankrate.com/ (opens in a new window).[7]
X public account: https://twitter.com/Bankrate (opens in a new window).[7]
LINKEDIN public account: https://www.linkedin.com/company/bankrate (opens in a new window).[7]
YOUTUBE public account: https://www.youtube.com/user/bankrate (opens in a new window).[7]
Sources
- Our Founder | Bankrate (opens in a new window)
- Bankrate IPO (opens in a new window)
- SEC Charges Bankrate and Former Executives With Accounting Fraud (opens in a new window)
- BANKRATE ANNOUNCES RESOLUTION OF SEC INVESTIGATION (opens in a new window)
- Red Ventures Announces Closing of Acquisition of Bankrate, Inc (opens in a new window)
- Portfolio - Bankrate (opens in a new window)
- About Us | Bankrate (opens in a new window)
- How We're Paid | Bankrate (opens in a new window)