Credit Karma, a consumer finance and technology company, today announced that its Board of Directors has approved $75 million in new investments in an add-on growth round from existing investors Google Capital, Tiger Global Management and Susquehanna Growth Equity.
This new round of funding marks another strong validation of Credit Karma's business model and growth trajectory. Just eight months ago, Credit Karma raised $85 million in a Series C round from institutional investors. The Google Capital portion of the transaction is subject to regulatory approval, and is expected to close in the fourth quarter of 2014.
"We believe this investment speaks to two themes: Continued confidence that we are the industry's leading consumer credit and finance platform, and repeated strong consumer demand for our product," said Ken Lin, CEO and founder of Credit Karma. "Today's complex marketplace requires a pro-consumer resource that makes financial comprehension easy, transparent and empowering. Credit Karma delivers that."
Credit Karma will use the funds to further advance its growth initiatives and ongoing product innovation. As a leading provider of credit and financial information and education to consumers, the company now empowers more than 30 million consumers, a 50 percent increase in users since February 2014.
This round of funding will, upon consummation of all portions of the transaction, bring Credit Karma to more than $193.5 million in total equity investments from Google Capital, Tiger Global Management, Susquehanna Growth Equity, Ribbit Capital, Felicis Ventures, QED Investors, Founders Fund and SV Angel.