US-based Credit Karma has garnered more than 100 million users by offering free credit scores since it was founded in 2007. The financial technology startup offers other services too, including the ability to apply for a credit card, find an auto loan, or start a savings account. The combination will help consumers manage debt, maximise savings, and have better access to credit cards and loans, Intuit said in a statement.
Credit Karma also launched a free tax-filing platform a few years ago and has been trying to poach customers of Intuit’s TurboTax offering.
The deal is only the latest in a slew of acquisitions in the industry. Morgan Stanley recently announced plans to buy E*Trade Financial for USD 13 billion, while Visa agreed to acquire Plaid for USD 5.3 billion in January 2020.
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