Credit and financial management service Credit Karma has raised $175 million in a Series D funding round joined by Tiger Global Management, Valinor Management and Viking Global Investors.
Founded in 2007, Credit Karma started out offering credit scores, reports and monitoring to Americans who, in exchange, see personalised offers from advertisers based on their credit profiles.
The firm now claims over 40 million members and is promising to use the latest investment and its huge trove of data on users to "deliver tools and information to help them achieve their financial goals".
A revamped platform promises to extend into every aspect of people's financial lives, helping them to consolidate student loans with just a few clicks, compare customised insurance quotes, find the best credit cards for their spending habits and credit profiles, and finance their first cars.
Ken Lin, CEO, Credit Karma, says: "Imagine one financial platform that anticipates and provides everything you need. With more than 40 million members, we are excited by Credit Karma’s widespread adoption by people all over the country, giving us insight into $2.3 trillion of America’s household debt. This massive data enables us to deliver top quality insights for everyone looking to improve their personal finances."
Lin's outfit has now raised $368.5 million in total equity investment. According to TechCrunch, the latest round values it at $3.5 billion and plans for an initial public offering within the next 18 months are afoot.