Intuit Buys Credit Karma for $7.1 Billion in Cash, Stock (1)

Intuit Inc., the software giant behind TurboTax, is buying personal finance website Credit Karma Inc. for about $7.1 billion in cash and stock.

San Francisco-based Credit Karma has garnered more than 100 million users by offering free credit scores since it was founded in 2007. The financial technology startup offers other services too, including the ability to apply for a credit card, find an auto loan or start a savings account. The combination will help consumers manage debt, maximize savings and have better access to credit cards and loans, Intuit said in a statement Monday.

Intuit CEO Sasan Goodarzi and Credit Karma CEO Ken Lin explain why their companies decided to combine.

(Source: Bloomberg)

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