Founder: Johns Wu of Bankaholic
Johns Wu ’s Experience
Founder & CEO of Bankaholic
May 2006 — September 2008 (2 years 5 months)
Consumer banking portal. Acquired by Bankrate, Inc (NASDAQ:RATE) in SEP08 for $14.9M.
He has a BA degree in Neurobiology from the University of California in Berkeley. But, brain surgery was not his passion – it was business and finance. He took that passion, along with his newly acquired skill in blogging and SEO (search engine optimization, search marketing) and founded the website, bankaholic.com, and sold about 2 years later for $15M.
For about a year, this 21 year old “kid” was a one man show,
Wu’s timing was perfect. Had Wu waited another year for the recession to kick into gear and allow all those finance people who were in recession denial to come out of denial … he probably would not have sold his WordPress blog for $15 million dollars. But he did sell that content and its associated traffic, PR6 and backlinks for $15M and it was a coup.
Financial info site BankRate is expanding its financial product listings, as it’s acquiring Bankaholic,
which provides info on deposits, savings accounts, and money market
accounts. The company will pay $12.4 million up front, with another
$2.5 million possible earnout over the next 12 months. Bankaholic’s
sole employee John Wu will assist in the transition and remain for an
unspecified period of time. BankRate, of course, is exposed to some of
the nastier aspects of the economy, though it’s held up fairly well and
continued to grow. It’s also made acquisitions in order to diversify
its range of financial products—last December it acquired
Savingforcollege.com and Nationwide Card Services for at least $29
million. The company has also seen competition from TheStreet (NSDQ: TSCM),
which acquired BankingMyWay, a much smaller site with a similar
service. A conference call will be held at 4:30 PM ET (details in the Release).