Intuit buys SeedFi to help Credit Karma customers

Combining SeedFi’s Credit Builder technology with Credit Karma’s relationships with credit bureaus and others in the ecosystem will enable Intuit to “move with greater speed and scale to help Credit Karma members make financial progress” 👇

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Intuit buys SeedFi to help Credit Karma customers

Intuit has agreed to acquire financial health startup SeedFi, the partner behind Credit Karma’s Credit Builder. 

Combining SeedFi’s Credit Builder technology with Credit Karma’s relationships with credit bureaus and others in the ecosystem will enable Intuit to “move with greater speed and scale to help Credit Karma members make financial progress”. 

Last year, Credit Karma partnered with SeedFi to offer Credit Builder, which helps low or no-credit borrowers build credit while saving money, to its members.  

By enabling regular payments and reporting these to credit bureaus, members increased their average score by 21 points in a 30-45 day period.  

Poulomi Damany, senior vice president and general manager for Credit Karma Money and Tax, commented: “With Credit Builder, we are able to differentiate ourselves as one of the best accounts for building credit. 

“We have long standing relationships with credit bureaus and others in the credit ecosystem, and SeedFi has built great technology, so when combined, we will move even faster and build products to help more members, including those who need it the most.” 

SeedFi co-founder and chief executive officer Jim McGinley added: “Together, leveraging Credit Karma’s resources and scale, we will be able to accelerate the momentum of Credit Builder and SeedFi’s technology capabilities to help more consumers improve their financial health.” 

Intuit acquired Credit Karma for $7.1b in 2020, adding to a portfolio that also includes TurboTax, QuickBooks and Mailchimp.  

Intuit Ventures was an investor in SeedFi’s last financing round. 

Image: Intuit