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February 24, 2020 11:20 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/mCZFHCqbbGk/intuit-to-buy-credit-karma-for-71-billion-creating-financial-data-giant
Intuit To Buy Credit Karma For $7.1 Billion, Creating Financial Data Giant
Intuit -- the accounting, tax filing and financial planning software giant behind QuickBooks, TurboTax and Mint, confirmed that it plans to acquire Credit Karma -- the fintech startup with more than 100 million registered users, which lets people check their credit scores, shop for credit cards and loans, file taxes and more. "By joining forces with Credit Karma, we can create a personalized financial assistant that will help consumers find the right financial products, put more money in their pockets and provide insights and advice," Sasan Goodarzi, Intuit's chief executive, said in a statement announcing the deal. TechCrunch reports: Intuit said it would pay $7.1 billion for Credit Karma, making this Intuit's biggest-ever acquisition to date, and one of the biggest in the category of privately-held fintech companies. Intuit also announced its quarterly earnings today in which it reported revenue growth of 13% on revenues of $1.7 billion, beating analyst estimates of $1.68 billion. However, it missed analysts' average expectations for earnings per share: it reported non-GAAP EPS of $1, while they were forecasting $1.03. Intuit plans to keep Credit Karma -- which makes more than $1 billion in revenues annually -- as a standalone operation, run by CEO Kenneth Lin, who cofounded the startup with Ryan Graciano and Nichole Mustard. The acquisition is an obvious fit for Intuit, where it will serve two purposes. Intuit can tap Credit Karma's customer base and range of services -- it partners with some 100 financial service providers in its marketplace -- to complement those it already offers, to help upsell those users to Intuit's premium, paid services. And Intuit can use it to grow its wider business by tapping a set of consumers -- typically younger users -- that Credit Karma has possibly been more successful in capturing than Intuit has.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/mCZFHCqbbGk/intuit-to-buy-credit-karma-for-71-billion-creating-financial-data-giant
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