Credit Karma CEO Kenneth Lin will report to Intuit CEO Sasan Goodarzi with Credit Karma continuing to operate under its own brand. The company, founded in 2007, has 1,300 employees. The deal is expected to close in the second half of calendar 2020. The purchase price will be split evenly between cash and stock.
Goodarzi said the deal will help consumers by creating a platform in which “We will connect them to experts to help them make better decisions about their money.” The company will match consumers with preapproved offers on consumer loans, home loans and insurance.
Intuit said it will also help its more than 100 financial institution partners find qualified leaders by providing them metrics such as income and credit history.
Goodarzi outlined three priorities in developing the Credit Karma business will growing the core business—growing credit card and personal loans. The next priority is developing the vertical market of home and auto loans and insurance. Finally, there is what Goodarzi called emerging verticals, which include providing savings and checking accounts and early access to employee pay.