Credit Karma, the San Francisco-headquartered fintech firm which last year opened an office in Leeds, is set to be acquired by Intuit in a $7.1billion deal.
A startup best known for providing free credit scores, Credit Karma took 8,000 sq ft of office space in Leeds city centre last year after acquiring Noddle from TransUnion. As of last summer it had around 25 staff based in the city.
Globally, it has more than 100 million members and annual revenues of almost $1bn, and is now set to be acquired by Intuit, the company behind TurboTax, QuickBooks and Mint.
The site earns money by displaying personalised recommendations for financial products, such as credit cards, and collecting referral fees.
Sasan Goodarzi, chief executive of Intuit, said: “By joining forces with Credit Karma, we can create a personalized financial assistant that will help consumers find the right financial products, put more money in their pockets and provide insights and advice, enabling them to buy the home they’ve always dreamed about, pay for education and take the vacation they’ve always wanted.”
Kenneth Lin, founder and chief executive of Credit Karma, added: “We could not have picked a better partner than Sasan and the Intuit team to accelerate our mission to champion financial progress for our members.”
