24 Jun Credit Karma Wants To Be The Expedia In Financial Services
Credit Karma announces that is has raised $175 million in a Series D round. The company currently has more than 40 millions users and is best known for helping consumers to keep tabs on their credit by giving out scores for free.
The funding will drive major platform additions to help consumers establish their online financial identities on Credit Karma, making it easier, faster and more effective to manage their personal finances. Investors have made $368.5 million in total equity investment to date.
“Imagine one financial platform that anticipates and provides everything you need,” said Ken Lin, Credit Karma’s CEO and founder. “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.”
The company is founded in 2007 and is one of the tech companies based in Silicon Valley that are improving financial services delivered by the traditional banking industry. The company likes to see itself as the future Expedia in financial services.
“Today, no one tells you when your credit rating goes up or when a lower interest rate is available for your loan,” Lin says. “We’ll soon be able to let people know when they have an opportunity to save money and if they’ll be approved, with new levels of certainty. Better yet, they only need to share their complete application when absolutely necessary, usually after knowing whether or not they’re approved.”
In its next chapter, Credit Karma will continue to find new ways to leverage its data for the benefit of consumers and deliver tools and information to help them achieve their financial goals. Credit Karma will continue to be the leader in helping consumers understand their finances.
“We’re introducing a new level of ease and transparency to personal finance.” said Nikhyl Singhal, Credit Karma’s Chief Product Officer. “Our members will be able to apply for something without filling out endless forms. They’ll also only share the bare minimum of data necessary, yet they’ll have access to a large number of lenders.”
The new platform will do even more - from consolidating student loans with just a few clicks, to helping compare customized insurance quotes, to showing members the best credit card for their spending habits and credit profiles, to helping them to finance their first car. Credit Karma will not only save people time but also help them take control of their personal finances. The company is building technology that aims to transform personal finance by helping people to better understand their options and empower them with the information and tools needed to make the best financial decisions for their future.
written by Carlien Roodink
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