Intuit Inc close to acquiring Credit Karma for $7 billion

According to a report from the Wall Street Journal, Intuit Inc is nearing a deal to acquire Credit Karma, a financial technology portal for nearly $7 billion.

The cash and stock deal, which will push Intuit further into consumer finance, is likely to be announced as early as Monday, said the WSJ citing sources familiar with the matter at hand.

According to the deal, Credit Karma will function as a stand-alone business with its current CEO Kenneth Lin, continuing to run its operations.

Intuit did not immediately respond to requests for comments.

Mountain View, California-based Intuit, whose Turbo Tax software is used by millions of consumers to file their taxes, plans on acquiring Credit Karma, which is backed by private equity firm Silver Lake and fintech venture firm Ribbit Capital.

Credit Karma declined comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s