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Intuit is making the largest acquisition in its history, investing $7.1bn to take on fintech Credit Karma. The teenage company (founded in 2007), is a substantial business with annual revenue estimated at $1bn, based on 100m registered users of which 37m are said to be active monthly.
Credit Karma started out offering credit score checking but expanded and now offers a range of software and services for personal financial management. They include financial planning and tax filing, which position it as a competitor to Intuit, but other aspects of Credit Karma indicate this is more than a move to take out a disruptive competitor. Intuit stands to benefit from much of what Credit Karma has. More...
Posted by: Angela Eager at 09:40
Tags: results acquisition software FinTech
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