Intuit is reported to be on the verge of buying credit scoring firm Credit Karma, furthering its interests in the personal financial management space.
Accounting platform Intuit is reportedly preparing a $7 billion bid for Credit Karma, which offers its customers free access to their credit scores and borrowing history, alerts to possible data breaches, credit monitoring and tax preparation and filing.
In October, Credit Karma launched its first financial product, offering its 100 million members the opportunity to open a high-yield savings account by scanning a network of 800 member banks to search for and switch to those offering the most competitive rates.
Credit Karma customers already receive offers from other companies for credit cards and loans tailored to their credit history.
Consistently ranked the number one finance app in the US, Credit Karma has originated more than $40 billion in credit products including credit cards, personal loans, mortgages, automotive financing, and student loan refinancing.
Priovate equity firm Silver Lake bought a minority stake in the firm in March 2018, in a deal that valued Credit Karma at $4 billion.
For Intuit, a take-over of Credit Karma would push the firm deeper into the financial services realm. Aside from its online tax-filing service TurboTax, Intuit is known for its QuickBooks accounting platform and online budgeting app Mint.