TransUnion, the global risk and information solutions provider, has announced today an agreement to sell its Noddle business, the UK-based free-for-life credit reporting and monitoring service, to Credit Karma.
TransUnion acquired Noddle earlier this year as part of its acquisition of Callcredit, the second largest credit reference agency in the UK.
“TransUnion is excited to bring these companies together,” said John Danaher, TransUnion’s president of consumer interactive. “Noddle and Credit Karma are well-matched, both embracing a ‘consumer-first’ approach to offering free information monitoring and financial health solutions. We are confident the business will continue to thrive under its new ownership and that this divestiture is a positive move for all parties, including UK consumers.”
Credit Karma is a personal finance technology company with more than 85 million members in North America, including almost half of all millennials. The company offers a range of personal information monitoring, as well as financial health improvement products that are free for members. Credit Karma’s tremendous growth in the US and Canada has been largely through offering award-winning user experience and free access to actionable tools that help their members make the most of their money.
"Our mission is to help people make financial progress, and that extends beyond North America,” said Kenneth Lin, CEO and founder of Credit Karma. “For over a decade, we’ve enabled our members in the US and Canada to take control of their finances by giving them free access to their financial information. We’re confident the acquisition of Noddle will help us deliver on our mission in the UK and welcome the opportunity to expand our partnership with TransUnion globally.”
Once the acquisition is complete, TransUnion will continue to supply Credit Karma’s members with complete access to all of their credit reports and scores. TransUnion and Credit Karma are already partners in the US and Canada, with a relationship that spans more than a decade.
The sale is anticipated to close later this year, or early 2019, pending regulatory approval from the FCA.
Contributed | what does this mean?