In 2020, Credit Karma was acquired by Intuit with approximately $3.4 billion in cash and 13.3 million shares of Intuit stock and equity awards with a value of $4.7 billion at the time. American billionaire, and founder of Intuit, Scott D. Cook, is the main individual shareholder of the company with 2.54% ownership. The other major shareholders are institutional ones like BlackRock (8.44% ownership), T Rowe Price (5.94%), and The Vanguard Group (8.9% ownership).
| Detail | Description |
|---|---|
| Company | Credit Karma, Inc. |
| Ownership Structure | Wholly owned subsidiary |
| Parent Company | Intuit Inc. |
| Acquisition Date | December 3, 2020 |
| Founding Date | March 2007 |
| Founder | Kenneth Lin, Ryan Graciano, and Nichole Mustard |
| Headquarters | Oakland, California, USA |
| Primary Business | Providing free credit scores, reports, and financial management tools |
| Strategic Goals | Expanding financial wellness offerings, integrating with Intuit’s ecosystem, and enhancing user experience through personalized financial insights |
Additional Ownership Details
- Intuit Inc.: Credit Karma was acquired by Intuit Inc. in December 2020 for approximately $8.1 billion. The acquisition aims to complement Intuit’s financial product suite, including TurboTax and QuickBooks, by providing users with tools to improve financial literacy and management.
- Corporate Strategy: As part of Intuit, Credit Karma focuses on helping consumers manage their finances through free credit scores, personalized recommendations for financial products, and tools for improving credit health. The integration with Intuit allows for expanded services and user reach.
- Product Offerings: Credit Karma offers a range of services, including credit score monitoring, personalized loan and credit card recommendations, and tax filing assistance. The platform provides users with actionable insights to make informed financial decisions.
- Innovation and Growth: Credit Karma is dedicated to expanding its offerings to include broader financial wellness tools, such as savings accounts and loan shopping. The platform uses advanced algorithms and data analytics to provide personalized financial insights to its users.
- User-Centric Approach: Credit Karma is committed to providing free, user-friendly tools that empower consumers to take control of their financial health. The company emphasizes transparency and accessibility, offering resources that cater to users with varying levels of financial literacy.
- Data Privacy and Security: Credit Karma places a strong emphasis on protecting user data and ensuring privacy. The company employs robust security measures to safeguard personal information and maintain user trust.
- Community and Support: Credit Karma provides a supportive community and resources to help users navigate their financial journeys. The platform includes educational content, forums, and customer support to assist users in achieving their financial goals.
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