![]() Credit Karma reached a settlement with the FTC, and stated that the company is paid only when users are approved for products like credit cards. Nearly one-thirds of pre-approved users who applied for credit cards were eventually denied following a credit check, costing their time and a negative impact to their credit score. In September 2022, the Federal Trade Commission (FTC) ordered Credit Karma to pay its users $3 million for "false claims" that impacted their credit scores. ![]() In August 2021, Credit Karma reached an agreement with NBA franchise Houston Rockets to have the company’s name appear on the team’s jersey’s beginning in the 2021 season. That same month, Credit Karma announced that it was moving its headquarters across San Francisco Bay from San Francisco to Oakland. The acquisition was initially delayed due to a DOJ antitrust lawsuit but it was finally approved after the company agreed to divest its free tax preparation service, known as Credit Karma Tax, which was a direct competitor to Intuit's TurboTax product. In December 2020, Intuit acquired Credit Karma for approximately $7.1 billion. In May 2019, the customers of the Noddle credit reporting service in the United Kingdom were acquired from TransUnion. In August, it acquired mortgage platform Approved for an undisclosed amount. In March 2018, Credit Karma acquired personal finance company Penny for an undisclosed amount. The product aims to help users find unclaimed money, such as unclaimed refunds and insurance payouts. In May 2017, Credit Karma launched Unclaimed Money in seven US states. Related to the launch of tax preparation services, the company increased its workforce and opened offices in Los Angeles and Charlotte, North Carolina. In December 2016, Credit Karma acquired AFJC Corporation, owner of, to accelerate its entry into the tax preparation market. In 2016, Credit Karma acquired money reclamation service Claimdog. As of 2015, Credit Karma had raised $368.5 million in financing, at a valuation of $3.5 billion. In December 2015, Credit Karma acquired mobile notifications app developer Snowball for an undisclosed amount. The company followed that with $75 million in follow on funding in September 2014 from CapitalG, Tiger Global Management and Susquehanna Growth Equity. In March 2014, Credit Karma raised $85 million in Series C financing, led by CapitalG with participation from Tiger Global Management and existing investors. ![]() ![]() In 2013, Credit Karma secured $30 million in Series B funding led by Ribbit Capital and Susquehanna Growth Equity. In November 2009, Credit Karma closed a $2.5 million Series A funding round led by QED Investors with participation from SV Angel, Felicis Ventures and Founders Fund. Early investors included Chris Larson, CEO of Prosper, and Mark Lefanowicz, former president of E-Loan. Kenneth Lin, who previously founded Multilytics Marketing and worked with E-Loan and Upromise, launched Credit Karma in 2007 with co-founders Ryan Graciano and Nichole Mustard. Credit Karma earns revenue from lenders, who pay the company when Credit Karma successfully recommends customers to the lenders. Revenue from targeted advertisements for financial products offsets the costs of its free products and services. Īll of Credit Karma’s services are free to consumers. The company operates in the United States, Canada and the United Kingdom. It is best known as a free credit and financial management platform, but its features also include monitoring of unclaimed property databases and a tool to identify and dispute credit report errors. Credit Karma is an American multinational personal finance company founded in 2007, which has been a brand of Intuit since December 2020. ![]()
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