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Wow, I think I'm speachless. It's interesting that a company that offers free services could be worth so much, I'd probably sell too if I was the founder! After all it tends to happen all the time with these startups.
I just wonder what kind of changes will take place.
@Anonymous wrote:Wow, I think I'm speachless. It's interesting that a company that offers free services could be worth so much, I'd probably sell too if I was the founder! After all it tends to happen all the time with these startups.
I just wonder what kind of changes will take place.
Google would be the obvious example of free services (supported by advertising) and their valuation dwarfs this one.
Credit Karma is astonishingly successful when I think about it; there were years where in the UFS board something like 98% of the people who found it had gotten their scores from CK... and I've even been a strong proponent that for everything other than scores CK is best in class.
Saw a quick bit on Bloomberg about the combination: did strike me as cash grab and I expect to see a hard line set between CK and TurboTax offerings.
We'll see but I have a hard time seeing where this will be good for consumers.
@Revelate wrote:
@Anonymous wrote:Wow, I think I'm speachless. It's interesting that a company that offers free services could be worth so much, I'd probably sell too if I was the founder! After all it tends to happen all the time with these startups.
I just wonder what kind of changes will take place.
Google would be the obvious example of free services (supported by advertising) and their valuation dwarfs this one.
Well, Google is definitely a bit more useful than CK.
So the beta updates a sign? More intfo when you Google. Dont want to post political stuff.
"Credit Karma/Intuit: In February 2020, Intuit announced that it would acquire Credit Karma, with a closing reported as likely to occur in the second half of 2020. A mature and successful fintech, Credit Karma was founded in 2007, employs approximately 1,300 employees and reported approximately $1 billion in unaudited revenue for 2019 (up 20% year-over-year). Total consideration for the transaction equals approximately $7.1 billion (subject to adjustment) with approximately 50% Intuit stock and 50% cash. Demonstrating the importance of human capital to fintech businesses, total consideration included approximately $1 billion of equity awards, with an additional $300 million of retention equity to be granted to Credit Karma employees upon closing. Through this acquisition, Intuit will acquire Credit Karma’s sizable customer base and suite of products. For example, Intuit will benefit by purchasing Credit Karma’s tax preparation services business and consolidating it with its own TurboTax.4 The acquisition of Credit Karma’s products also allows Intuit to significantly increase the number and depth of interconnected products it offers with a view to address all of its customers’ financial needs in one platform"
https://investors.intuit.com/news/news-details/2020/Intuit-to-Acquire-Credit-Karma/default.aspx
So it got moved. Went back 2 pages looking. Guess I gotta do more. Sorry...........
They collected all our info and sold it.
First year that i used CreditKrsma tax return. (It was very confusing, for just 1040 and 1099. However, i decided to give it it a try, rather than pay HRblock or Turbotax, or local advisor who charge 120 to copypasta W2 form.)
By the looks of it, it will be the end of credit karma tax service.
Intuit will kill it, or make very unusable.
@DaveInAZ wrote:The Wall St. Journal is reporting that Intuit is close to announcing the purchase of Credit Karma for $7 Billion in cash & stock, announcement expected as early as Monday. I'm linking to the Bloomberg article as the WSJ is usually behind a paywall.
Intuit Inc. is close to buying Credit Karma Inc. for about $7 billion in cash and stock deal, the Wall Street Journal reported, citing people familiar with the matter it didn’t identify. The purchase, which could be announced by Monday, will push the maker of TurboTax deeper into the consumer finance space, the newspaper said. The acquisition would also be Intuit’s largest in its 37-year history.
The article mentions that tax return companies "face headwinds" for the revenue because more people use free filing services and fewer people need assistance for filing their taxes. Along these lines there's a class action lawsuit against Intuit's TurboTax for "hiding" or making it difficult to find it's free filing service. When I looked into that I read that the only reason companies like TurboTax offer free filing was the IRS was planning to develop it's own free online filing service, so they agreed to offer free basic filing to prevent that. I've used free TurboTax online for several years as I have a very basic return as semi retired with only Social Security and part-time employment income and standard decution. But even then in doing my taxes it's at least half a dozen times I have to click "No, I don't want to upgrade to your $40 premium service".
Credit Karma is currently privately held by it's founders and private equity firms. Nice payday for them!
7 billion dollars for Creditkarma? Are you sure? I would have been shocked to learn they gave 7 million for Creditkarma, would have thought fair market value to be closer to 7 thousand dollars, and I might have been a player at 7 dollars if I have it to spare. Guess I was wrong about CreditKarma being worthless...nah, it is worthless to me.
@sarge12 wrote:
@DaveInAZ wrote:The Wall St. Journal is reporting that Intuit is close to announcing the purchase of Credit Karma for $7 Billion in cash & stock, announcement expected as early as Monday. I'm linking to the Bloomberg article as the WSJ is usually behind a paywall.
Intuit Inc. is close to buying Credit Karma Inc. for about $7 billion in cash and stock deal, the Wall Street Journal reported, citing people familiar with the matter it didn’t identify. The purchase, which could be announced by Monday, will push the maker of TurboTax deeper into the consumer finance space, the newspaper said. The acquisition would also be Intuit’s largest in its 37-year history.
The article mentions that tax return companies "face headwinds" for the revenue because more people use free filing services and fewer people need assistance for filing their taxes. Along these lines there's a class action lawsuit against Intuit's TurboTax for "hiding" or making it difficult to find it's free filing service. When I looked into that I read that the only reason companies like TurboTax offer free filing was the IRS was planning to develop it's own free online filing service, so they agreed to offer free basic filing to prevent that. I've used free TurboTax online for several years as I have a very basic return as semi retired with only Social Security and part-time employment income and standard decution. But even then in doing my taxes it's at least half a dozen times I have to click "No, I don't want to upgrade to your $40 premium service".
Credit Karma is currently privately held by it's founders and private equity firms. Nice payday for them!
7 billion dollars for Creditkarma? Are you sure? I would have been shocked to learn they gave 7 million for Creditkarma, would have thought fair market value to be closer to 7 thousand dollars, and I might have been a player at 7 dollars if I have it to spare. Guess I was wrong about CreditKarma being worthless...nah, it is worthless to me.
You might not, but the data they've accumulated over the years and other stuff, including whatever underlying techonologies CK owns is worth probably worth it for the same reason Facebook is worth so much (okay there's other reasons there these days) despite our individual personal data on its own being worth only a few dollars each. Intuit also probably didn't like CK's free state tax filing either and they've eliminated a competitor that was taking business away from them.
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