TurboTax owner Intuit plans to buy Credit Karma for $7 billion: Report

TurboTax owner Intuit plans to buy Credit Karma for $7 billion: Report

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The TurboTax owner Intuit may acquire the personal-finance portal Credit Karma in a $7 billion deal this week, the Wall Street Journal reports.

Intuit is expected to announce the acquisition as early as Monday, sources familiar with the arrangement told The Journal. The move would be the largest purchase Intuit has made in its 37-year history. 

Credit Karma would still function as a standalone business with its CEO Kenneth Lin remaining at the helm, sources told The Journal.

More than 85 million Americans use Credit Karma to better understand and improve their credit scores. The startup makes money through credit cards and loan referral commissions. Intuit is the maker of TurboTax, the online tax filing service used by millions of Americans to file taxes.

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The acquisition would edge Intuit further into online personal finance and allow both companies to offer more in-depth financial recommendations to customers. Inuit, a conglomerate with a $77 billion market valuation, already runs the bookkeeping software QuickBooks.

Intuit's Quickbooks Online.

If the cash and stock deal doesn’t fall through, Intuit and Credit Karma would be the latest financial technology companies to join forces this year. 

Morgan Stanley announced plans to buy E*Trade last week for about $13 billion. The deal gives the big bank access to brokerage customers and employees with company stock 

Visa announced plans in January to purchase the fintech company Plaid for $5.3 billion, giving the payment processing giant access to other types of money transfer systems. 

Follow Dalvin Brown on Twitter: @Dalvin_Brown. 

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