Credit Karma is a San Francisco-based credit monitoring site that along with providing free credit scores, reports and monitoring, offers insight into what it all means and shows you product recommendations, like credit cards and loans, based on your credit profile. The company has recently received $175 million in Series D funding round, bringing its valuation to $3.5 billion.
Participation came from existing investor Tiger Global Management alongside new investors Valinor Management and Viking Global Investors LP. The company plans to use the fund to add new offerings in its platform to help consumers establish their online financial identities on Credit Karma, making it easier, faster and more effective to control their personal finances. The company has raised $368.5 million in total equity funding to date.
“Imagine one financial platform that anticipates and provides everything you need,” said Ken Lin, CEO and Founder of Credit Karma, at a press release. “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.”
Credit Karma will use the new funds to leverage its data so that the consumers can benefit from it and will help them in achieving their financial goals with the relevant tools and information.
“We’re introducing a new level of ease and transparency to personal finance,” said Nikhyl Singhal, Chief Product Officer at Credit Karma, at the press release. “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 offerings include consolidating student loans with just a few clicks, helping compare customized insurance quotes, showing members the best credit card for their spending habits and credit profiles, and helping them to finance their first car.
The company aims to revolutionize the way people take financial decisions by providing them with a platform that provides relevant information and tools.
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 US 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 know more visit .