Credit Karma is a personal finance company that offers consumers free access to credit꧟ scores, credit and identity monitoring, a credit report dispute tool, and customized re🦂commendations for credit card, loan, and insurance products.

The company makes money by earning a commission whꦺen a consumer completes the purchas♍e of a product that it recommends.

Credit Karma uses AI to power a platform that provides tools that consumers can use to manage all aspects of their financial lives. In addition to the services mentioned above, it offers:

• Free tax preparation assistance
• High-yield savings accounts through a partnership with MVB Bank
• Guidance for the steps consumers should take after accessing their credit information, including tailored personal, home, and auto loans based on income and credit scores

The company recommends 澳洲幸运5官方开奖结果体彩网:credit cards and other financial products that fit consumers, based on the odds of approval and their credit scores.

Credit Karma's Industry

Credit Karma's parent, Intuit, operates in the Software-Application industry within the Technology sector.

Credit Karma became part of the globa🍨l financial technology platform of Intuit in 2020.

Credit Karma's mission is to put the power of technology, data, and AI to work to make personal financial management easier and stress-free. With so many financial services companies vying for the attention of consumers, its strength lies in making custom recommendations for financial products based on someone's finances and credit standing.

Credit Karma's competitors include NerdWallet and Credit Sesame, both of which also offer free credit score information and financial tools. In addition, Intuit states that its business segments, including Credit Karma, face intense competition from:  

• Business software providers
• Private and publicly-funded tax preparation and filing service providers
• Accounting, consulting, and tax firms
• Software companies and banks that provide payments services
• Software companies that provide personal finance management products and tools
• Companies that offer consumer financial offerings
• Financial institutions
• Credit bureaus
• Large platform companies with competing technology solutions

Credit Karma's Financials

Credit Karma is one of four segments of the financial services company, Intuit. Its revenue comes primarily from cost-per-action transactions. These result in e.g., credit card issuances and personal loans. It also earns revenue from online advertising that generates leads relating primarily to mortgage and insurance. Credit Karma Money also generates revenue for the segment.

Intuit's 2023 annual report reported the segment's financial results for the 2023 fiscal year (FY). Additionally, on💧 May 23, 2024, the company announced financial results for the quarter ended April 3🅰0, 2024.

Net Revenue

For FY 2023, revenue was $1.63 billion, a decrease of 9% from the previous year's $1.8 billion. For the third quarter of FY 2024, revenue was $443 million, an increase of 8% over the previous year's third quarter.

Credit Karma accounted for 11% of Intuit's total revenue in FY 2023 and 7% of total revenue in Q3 2024.

Operating Income

For FY 2023, operating income was $428 million, a decrease of 19% from the previous year's $531 million. For the third quarter of FY 2024, operating income was $110 million, a decrease of 1% from the previous year's third quarter.

History and Leadership

Credit Kaไrma was founded in 2007 by Kenneth Lin, Ryan Graciano, and Nichole Mustard. It is headquartered𓆏 in Oakland, Calif.

CEO Kenneth Lin spent the early part of his career at E-Loan, an online lender specializing in debt consolidation, and UPromise, a 澳洲幸运5官方开奖结果体彩网:subsidiary of student loan service Sallie Mae which runs a customer loyalty program focused on saving for college and paying down student loans.

Co-founder Ryan Graciano is the company's 澳洲幸运5官方开奖结果体彩网:chief technology officer (CTO). He is responsible for the company's engineers who oversee the creation of new products.

Co-found🅺er Nichole Mustard left Cꦿredit Karma in 2023.

Recent Developments

In December 2023, Credit Karma launched a new feature that would provide members with up to five days earlier access to government funds than is usual through financial institutions. Members can tap into their Social Security benefits, Veteran's Administration benefits, and Supplemental Security Income (SSI) by enrolling in Credit Karma's early direct deposit program.

The Bottom Line

Credit Karma is a personaꦚl finance company that is owned by Intuit. It provides free access to credit scores and other credit services as well as personalized recommendations for credit cards, loans, and insurance.

🌄It makes the majority of its money when people click through its site and complete transactions for financial products off✅ered by other providers.