Credit Karma will also help Intuit address younger demographics, with Lin noting that half of registered members are under the age of 44. List of gig platforms that pays good referrals. In a conference call with analysts to discuss fourth-quarter results and the acquisition, Intuit CEO Sasan Goodarzi said that the deal will nearly double its total addressable market from $29 billion to $57 billion. Despite the similarities between Mint and Credit Karma, Intuit plans to keep them as separate apps and platforms. There is some overlap between the services that Mint and Credit Karma offer, but ultimately Intuit's vision is to create a personal finance platform that "works like a personalized financial assistant," leveraging artificial intelligence technology. is an online personal financial management service for the US and Canada, offered by Intuit. The longer Mint is around, the more accounts and types of accounts it can connect with. It uses bank-level security and encryption to pull in your transaction data while keeping your information safe. It's also worth noting that Credit Karma's monetization model is essentially identical to Mint's: getting a commission from affiliate links when any of its 100 million users (of which 37 million are active on a monthly basis) sign up for any of the financial products that it refers. Mint’s parent company, Intuit, has been keeping people’s financial data safe for years. INTU Revenue (Quarterly) data by YCharts.
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government from developing a competing free online tax-filing service. Intuit has garnered criticism over the past year after ProPublica reported how the company aggressively lobbies to prevent the U.S. That segment is highly seasonal, effectively front-loading sales in any given calendar year during tax season. TurboTax is incredibly important to Intuit's overall business it accounted for a third of revenue in fiscal 2019. Over the years, Credit Karma has continued to expand its offerings, notably with a free tax-filing service that would compete directly with Intuit's TurboTax. There had been speculation that the company was considering an IPO in 2020, although Lin suggested last year that it wasn't the right time. The platform provides a variety of free tools that allow consumers to get and understand their credit scores, while offering personalized recommendations for financial products like credit cards or auto loans, among others.Ĭredit Karma most recently secured a $3.5 billion valuation during a private funding round in early 2018. CEO Ken Lin said in 2017 that Credit Karma was profitable, but the company has also nearly doubled its head count to around 1,300 since then. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, Intuit helps put more money in consumers’ and small businesses’ pockets, saving them time by eliminating work, and ensuring they have confidence in every financial decision they make. Developed by Intuit, Inc, this mobile app is a budgeting tool that lets users manage and track their spending. It's less clear if Credit Karma was actually profitable. Mint is a free personal finance app that makes it easy to manage and save money. Intuit notes that Credit Karma generated nearly $1 billion in revenue last year, which was up 20% from 2018. Creating a "personalized financial assistant"