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TurboTax owner Intuit to buy Credit Karma for $7.1 billion

TurboTax owner Intuit announced Monday that it plans to acquire consumer finance company Credit Karma in a $7.1 billion deal. 

The combination brings together two well-known personal finance companies. Intuit is the maker of Mint and TurboTax, the online tax filing service used by millions of Americans to file taxes. 

Credit Karma, which has more than 100 million members in the U.S., Canada and U.K., makes money through credit cards and loan referral commissions. It generated $1 billion in revenue in 2019.

“By joining forces with Credit Karma, we can create a personalized financial assistant that will help consumers find the right financial products, put more money in their pockets and provide insights and advice,”Sasan Goodarzi, CEO of Intuit, said in a statement. 

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