Credit Karma is an American multinational personal finance company founded in 2007, which has been a brand of Intuit since December 2020.
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13 Facts About Credit Karma
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Credit Karma operates in the United States, Canada and the United Kingdom.
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3.
Credit Karma earns revenue from lenders, who pay the company when Credit Karma successfully recommends customers to the lenders.
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4.
In 2013, Credit Karma secured $30 million in Series B funding led by Ribbit Capital and Susquehanna Growth Equity.
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5.
In March 2014, Credit Karma raised $85 million in Series C financing, led by CapitalG with participation from Tiger Global Management and existing investors.
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Credit Karma followed that with $75 million in follow on funding in September 2014 from CapitalG, Tiger Global Management and Susquehanna Growth Equity.
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7.
On December 30,2015, Credit Karma acquired mobile notifications app developer Snowball for an undisclosed amount.
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On March 14,2018, Credit Karma acquired personal finance company Penny for an undisclosed amount.
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The acquisition was initially delayed due to a DOJ antitrust lawsuit but it was finally approved after the company agreed to divest its free tax preparation service, known as Credit Karma Tax, which was a direct competitor to Intuit's TurboTax product.
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10.
In September 2022, the Federal Trade Commission ordered Credit Karma to pay its users $3million for "false claims" that impacted their credit scores.
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11.
Credit Karma reached a settlement with the FTC while disagreeing with their claims by adding that the company gets compensated only when users are approved for products like credit cards.
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12.
Credit Karma provides free credit scores and credit reports in the United States, Canada and United Kingdom from national credit bureaus TransUnion and Equifax, alongside daily credit monitoring from TransUnion.
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13.
Credit Karma provides identity theft protection and credit tools, such as a Credit Score Simulator which simulates the effect of potential financial actions on a user's credit score; and tailored recommendations for credit cards and personal loans.
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