TurboTax owner Intuit is spending $7.1 billion to buy Credit Karma, a free tax service competitor

guest · Feb 24, 2020

TurboTax maker is spending $7.1 billion to buy Credit Karma, a free tax service competitor
Credit Karma is known for free credit checks
February 24, 2020
https://www.theverge.com/2020/2/24/...arma-intuit-purchase-competitor-credit-checks

Intuit has reached a deal to acquire Credit Karma, a company known for offering free credit score checks. The acquisition gives Intuit — which owns TurboTax, Quickbooks, and Mint — another set of consumer-oriented financial products. It also knocks out a potentially serious competitor: Credit Karma has been offering free tax filing services since 2017, possibly taking away customers from TurboTax.

That’s a serious consequence of this merger.
It’s theoretically bad news if the company behind those policies takes control of another free-to-use alternative.

Founded in 2007, Credit Karma is known for offering key services for free — like credit checks, which, in the past, were generally a paid product — and making money later off of additional financial services it offers to customers once it has their information.
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Intuit to Acquire Credit Karma

The combination brings together two technology leaders with a shared goal to help solve the personal finance problems that consumers face today, regardless of their financial situation -- managing debt, maximizing savings, access to better credit cards and loans -- with an aim to put more money in consumers’ pockets.

“Our mission is to power prosperity around the world with a bold goal of doubling the household savings rate for customers on our platform,” said Sasan Goodarzi, CEO of Intuit.
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plat · Feb 24, 2020

Very interesting news. Very good and effective product Turbo Tax is and good to know its parent is the aggressor in this big transaction. This way, I can pretty much "look forward" to using this software again next tax time.

trott3r · Feb 25, 2020

Boo noddle to karma and now turbotax

xxJackxx · Feb 25, 2020

The maker of QuickBooks. This can't be good.

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TurboTax owner Intuit is spending $7.1 billion to buy Credit Karma, a free tax service competitor

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