Intuit is buying personal finance startup Credit Karma for $7.1 billion in cash and stock

Shawn Knight

TechSpot Staff
Staff member

Credit Karma was founded in 2007 as a personal finance management platform where consumers can check their credit scores and reports, prepare their taxes and find unclaimed money such as insurance payouts or refunds. To date, Credit Karma has over 100 million members in the US, Canada and the UK with more than 37 million monthly active users – 88 percent of which engage with the platform via mobile devices.

The acquisition is the largest ever for Intuit, a company founded in 1983.

Intuit CEO Sasan Goodarzi said their mission is to power prosperity around the world with a bold goal of doubling the household savings rate for customers on their platform.

Specifically, Intuit believes it can help people find the right financial products by matching consumers with pre-approved offers for loans and credit cards, turn users on to higher yield savings accounts and provide insight and advice to help consumers make better decisions with their money and improve their credit score.

Per TechCrunch, Intuit plans to run Credit Karma as a standalone venture that’ll continue to be led by co-founder and CEO Kenneth Lin.

The deal is expected to close in the second half of calendar year 2020.

Masthead credit: Fish by maxsattana.

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VBKing

TS Enthusiast
Intuit messed up Quicken and I expect them to do the same to Credit Karma.
I use both products but will NEVER upgrade Quicken again. They used to sell their finance program where you could use it for as many years as you liked before you decided to upgrade to a newer version. I would wait about 3 years between updates. Now Intuit has forced newer Quicken versions into a YEARLY PAY-TO-USE subscription model and I will never upgrade again from the 2016 version I'm using and just use free open-source versions if Quicken prevents older versions from working in the future. Kind of like how I still use Office 2007 and will never use Office 365 pay-forever models.

Goodbye Credit Karma. You were good while you lasted.
 

Uncle Al

TS Evangelist
Intuit is much like King Mitus except everything they touch turns to sh**. They have done it to Quicken, Turbo-Tax, etc. Like VBKing, I too use the 2007 version of Office and have no plans to upgrade ... ever.
 

seeprime

TS Evangelist
Intuit messed up Quicken and I expect them to do the same to Credit Karma.
I use both products but will NEVER upgrade Quicken again. They used to sell their finance program where you could use it for as many years as you liked before you decided to upgrade to a newer version. I would wait about 3 years between updates. Now Intuit has forced newer Quicken versions into a YEARLY PAY-TO-USE subscription model and I will never upgrade again from the 2016 version I'm using and just use free open-source versions if Quicken prevents older versions from working in the future. Kind of like how I still use Office 2007 and will never use Office 365 pay-forever models.

Goodbye Credit Karma. You were good while you lasted.
Intuit sold Quicken in March 2016 to H.I.G. Capital, a private equity firm. They're the ones that are making Quicken painful to use and more expensive now, not Intuit.
 

Danny101

TS Evangelist
With Quicken, TurboTax, Mint, and now Credit Karma what part of your finances will Intuit not know about?