Intuit Inc. is nearing a deal to buy personal-finance portal Credit Karma Inc. for about $7 billion in cash and stock, in a move that would push the bookkeeping-software giant further into consumer finance, according to people familiar with the matter. USA Today reports:
The TurboTax owner Intuit may acquire the personal-finance portal Credit Karma in a $7 billion deal this week, The Wall Street Journal reported.
Intuit is expected to announce the acquisition as early as Monday, sources familiar with the arrangement told the Journal. The move would be the largest purchase Intuit has made in its 37-year history.
Credit Karma would still function as a standalone business with its CEO Kenneth Lin remaining at the helm, sources told the Journal.
More than 85 million Americans use Credit Karma to better understand and improve their credit scores. The startup makes money through credit cards and loan referral commissions. Intuit is the maker of TurboTax, the online tax filing service used by millions of Americans to file taxes.