Google Capital leads $85 million investment in Credit Karma
12 March 2014 | 1014 views | 0
Source: Google Capital
Credit Karma, a consumer finance and technology company, today announced an $85 million round of funding, led by Google Capital.
Tiger Global and existing investors Ribbit Capital and Susquehanna Growth Equity also contributed to this latest round of financing, bringing the total amount of equity financing raised by Credit Karma to date to $118.5 million.
The investment follows a year of exponential growth for Credit Karma, including triple-digit percentage growth in site membership, revenue and headcount.
"Google Capital's support -- along with Tiger Global and our existing partners -- is a public endorsement of how we're helping consumers navigate the credit space," said Ken Lin, co-founder and CEO of Credit Karma. "At the core of our company vision is the desire to change how people interact with their finances, making it easier and more transparent."
Since its launch in 2008, Credit Karma has become the leader in its category by providing more than 20 million U.S. consumers access to their credit score. Its mission is to deliver resources and financial education to consumers for free. Through its innovative platform, the company aims to reduce the friction inherent in financial decisions and transactions through data-driven recommendations and deep partner integrations.
"Consumers want a trusted, secure service to provide personalized financial information that is easy to understand," said Google Capital Partner David Lawee, who will join Credit Karma's Board of Directors. "Credit Karma delivers on these extremely high expectations at no cost to consumers. They have established a trusted brand that brings an unprecedented level of transparency to the market. We're excited to see what's ahead for the company and to become partners in that vision."
Credit Karma intends to use the new capital to invest heavily in new, free services to help consumers better understand and manage their finances and to make finding and applying for new financial services products intelligent and seamless. Credit Karma also plans on accelerating employee hiring in order to meet these goals.