TurboTax owner Intuit announced Monday that it plans to acquire consumer finance company Credit Karma in a $7.1 billion deal. Here's what it means:
TurboTax owner Intuit and consumer finance company Credit Karma are teaming up in a $7.1 billion combination that aims to shift the landscape of consumer financial services.
By joining forces, Intuit and Credit Karma seek to create a personalized financial assistant that will provide insights and advice to help consumers find the right financial products. "There hasn't been that much innovation in the financial services world in the past two decades," Kenneth Lin, founder and chief executive of Credit Karma, told USA TODAY on Monday."The combination of the two companies will really be able to move consumers forward."
The deal brings together two well-known personal finance companies. Intuit is the maker of Mint and TurboTax, the online tax filing service used by millions of Americans to file taxes.
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