Credit Karma Raises $175 Million Series D to Accelerate Plans to Reengineer Personal Finance
June 23, 2015
Credit Karma today announced it has received $175 million in a Series D funding round with participation from Tiger Global Management, Valinor Management and Viking Global Investors LP. 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.”
“We want to be a strong advocate for our members. Today, no one tells you when your credit rating goes up or when a lower interest rate is available for your loan,” Lin continued. “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.
About Credit Karma
Credit Karma is recreating the financial industry around people. With over 40 million members, Credit Karma is on its way to becoming the place online where people in the U.S. manage their financial identities.
The company started by providing free credit scores to members, and has grown into an essential platform to help Americans reach their financial goals. Credit Karma provides its members with free financial information monitoring, data-driven resources and personalized recommendations.
To create a free account, visit www.CreditKarma.com or download the mobile app from Google Play or the Apple App Store.
Any forward-looking statements made herein or made elsewhere by Credit Karma are made solely based on information available to Credit Karma as of the date hereof and based only on the company’s current beliefs, expectations and assumptions regarding the future of its business, anticipated events and trends, the economy and other future conditions. As such, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and in many cases outside of the company’s control, and such forward-looking statements should not be relied upon. Credit Karma does not assume any obligation to update any such forward-looking statements.
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