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The History of how credit karma and famous financial service company intuit came about 140

While Credit Karma does offer software tools, it’s not really considered a software company. It’s more accurately described as a financial services company that uses technology to help people manage their finances. The company’s main product is a website and mobile app that allows people to access their credit scores and reports, as well as other financial tools. It’s definitely a technology-focused company, but it’s not really a software company in the traditional sense.

How Intuit and Credit Karma Partner to Champion Financial Empowerment


In 2020, Intuit acquired consumer finance company Credit Karma for $7.1 billion in cash and stock. The deal created shared synergies between Intuit’s small business and tax focus with Credit Karma’s consumer finance tools. But how exactly do these two fintech innovators work together? This article will examine the strategic rationale behind the acquisition, integrated products providing a seamless user experience, and the future vision for Intuit and Credit Karma as partners empowering financial progress.


Intuit’s Acquisition of Credit Karma


Founded in 2007, Credit Karma pioneered free credit scores and reports supported by an extensive library of consumer finance education content. The platform matched users to personalized product offers like credit cards and loans to benefit their financial profiles.


As Intuit sought to expand further into consumer finance, Credit Karma’s vast user base and data assets provided the perfect growth opportunity. Combining Intuit’s established brand in small business accounting and tax with Credit Karma’s consumer reach offered multiple strategic advantages:


– Gains over 100 million registered Credit Karma users, with nearly 40 million monthly active users.


– Adds breadth of consumer financial data, insights and tools to Intuit’s ecosystem.


– Cross-sell opportunities to provide Credit Karma users access to QuickBooks, TurboTax, and Mint.


– Leverages big data across platforms to build rich AI-driven expert guidance.


– Strengthens Intuit’s benefits when consumers span their products across life stages.


– Shared mission of powering prosperity through financial empowerment.


Together the merger forms a digital financial assistant for all of life’s financial needs.


Joint Product Benefits


Several Credit Karma capabilities integrated directly into Intuit consumer products providestreamlined experiences:


– Credit scores and full reports added in Mint for holistic financial health insights.


– Personalized deals and savings opportunities surfaced in Mint and TurboTax.


– Pre-approved offers for TurboTax filers provided within tax prep flow.


– Educational credit and loan content flows into Intuit’s consumer properties.


– Users can securely share their data from Credit Karma to populate TurboTax faster.


– Two-way Intuit user authentication enabled for Credit Karma products.


Tighter product alignment delivers a convenient, omnichannel user experience under one trusted platform.


The Future of Open Data Sharing


Looking ahead, Intuit and Credit Karma are well-positioned to champion open data sharing that empowers consumers. Some possible directions include:


– Expanding direct data connections across Intuit’s family of products for small business, taxes, consumer finance.


– Developing flexible permissions and consent flows that give consumers control.


– Building data-sharing ecosystems enabling third-party apps via APIs.


– Responsibly applying AI insights from aggregated data to provide ultra-personalized guidance.


– Advocating policy and regulatory frameworks that protect open data access safely.


– Architecting financial dashboards and tools that make smarter use of connected data.


– Educating consumers on securely sharing their information to unlock benefits.


With open data the new imperative, the combined Intuit and Credit Karma leadership in consumer fintech will accelerate innovation.


The Takeaway: A Win-Win Proposition


By acquiring Credit Karma, Intuit gained strategic consumer finance capabilities establishing a complete personal and business financial graph. But more importantly, the alignment unlocks potential to holistically improve financial lives through technology. Together they can inform, advise, motivate and guide customers across the financial lifecycle. When people feel empowered over their finances, both companies win through engagement and advocacy. If the partnership continues nourishing these shared values of education and prosperity, the future looks bright for Intuit and Credit Karma charting the frontier of consumer fintech in tandem.

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