![]() “We started Credit Karma with a goal to build a trusted destination for all consumers, to make financial progress regardless of where they are in life,” said Lin, in a statement. 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. 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, enabling them to buy the home they’ve always dreamed about, pay for education and take the vacation they’ve always wanted.” “We wake up every day trying to help consumers make ends meet. “Our mission is to power prosperity around the world with a bold goal of doubling the household savings rate for customers on our platform,” said Goodarzi, in statement. However, it missed analysts’ average expectations for earnings per share: it reported non-GAAP EPS of $1, while they were forecasting $1.03. 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. The news confirms a report from the WSJ that surfaced over the weekend noting that Intuit was finalising a deal to buy the startup for $7 billion in a cash and share offer, in the first big acquisition to be made by CEO Sasan Goodarzi since he took the role just over year ago. ![]() 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. Today 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, 37 million of them active monthly users, which lets people check their credit scores, shop for credit cards and loans, file taxes and more. The week is kicking off with a major piece of M&A in the world of financial technology startups.
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