How Credit Karma Makes Money
Credit Karma provides individuals with access to TransUnion and Equifax credit scores and other credit information, as well as tools to help them improve their credit rating. Users may view Credit Karma’s information for free and as much as they like, without having to register with a credit card. In contrast, the three main credit bureaus give entire credit score information to individuals for free just once a year, with further requests incurring a cost. Credit Karma earns money by proposing financial goods such as credit cards based on your credit information and receiving a commission if you purchase one of the suggested items. 1 Credit Karma has expanded by partnering with MVB Bank to provide free tax preparation as well as a high-yield savings account. 23
- Credit Karma provides free access to TransUnion and Equifax credit data as well as tax preparation and other services.
- It earns money by charging a charge each time a customer buys a product or service it advises.
- Credit Karma is a financial business that specializes in credit information.
- Intuit announced the completion of its purchase of Credit Karma on December 3, 2020.
Credit Karma’s Industry
Credit Karma is a financial technology firm. Credit Karma and its immediate rivals, unlike certain competitors in the sector, do not sell your data to third parties. Credit Karma not only provides credit ratings but also advises customers on what measures to take once they have viewed their first credit information. 4 For example, the business suggests credit cards depending on the likelihood of acceptance for each user. 5 It also advises consumers on personalized personal, house, and vehicle loans depending on their income and credit ratings. 6
Credit Karma competes with NerdWallet, Credit Sesame, and Mint, all of which provide free credit score information and financial tools.
Fundraising and Financials
As of February 2021, Credit Karma has over 110 million members in the United States, Canada, and the United Kingdom. 7 Credit Karma has raised $868 million through eight fundraising rounds, the most recent of which came in March of 2018. 8 At the time, the corporation was valued at $4 billion. 9 Silver Lake Partners and SV Angel are among its early investors. 10
History and Leadership
Based in San Francisco Credit Karma was launched in 2007, and its first free credit ratings were provided in 2008. 4 Ken Lin, the current CEO, created the firm after working at E-Loan, an online lender focusing in debt consolidation, and UPromise, a subsidiary of student loan agency Sallie Mae that operates a customer loyalty program centered on saving for college and repaying student loans. 11
Intuit Inc. (INTU), the creator of Turbotax and QuickBooks, announced the completion of its purchase of Credit Karma on December 3, 2020, for a total consideration of approximately $3.4 billion in cash and $4.7 billion in stock and equity awards. 12 On February 24, 2020, Intuit announced that it has agreed to buy the firm for $7.1 billion in cash and equity. 13
Credit Karma announced in October 2020 that it will begin providing checking accounts to users who already have a savings account with the firm. 14
How Credit Karma Reports Diversity & Inclusiveness
As part of our effort to raise awareness about the significance of diversity in business, we provide investors with a look into Credit Karma’s openness and dedication to diversity, inclusivity, and social responsibility. We analyzed the information provided by Credit Karma. It demonstrates that Credit Karma does not release any information regarding the diversity of its board of directors, C-Suite, general management, or workers in general. It also demonstrates that Credit Karma does not disclose its diversity by ethnicity, gender, ability, veteran status, or LGBTQ+ identification.
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