From credit building to wealth building Credit Karma expands product to help consumers at every point in their financial journey
Credit Karma (NASDAQ: INTU), the consumer technology platform with more than 120 million members in the U.S., today announced Net Worth, a new product experience within Credit Karma that will help millions of members know, grow and protect their wealth. The introduction of Net Worth brings the company one step closer to becoming a full-service personal finance management platform, with products and features to help every American make progress, no matter where they are on their financial journey. Net Worth is being rolled out to U.S. consumers with a credit score of 720 or above, with the goal to expand to a larger population over time.
WHY NET WORTH?
Credit Karma has played an instrumental role in helping its members make financial progress by helping them overcome common financial hurdles like paying down debt, building credit or opening their first checking and savings account. Credit Karma recognizes no individual's financial situation is the same and, as Americans graduate from one phase of their financial journey to the next, they're met with a new set of financial challenges and are looking to build on the financial success they've achieved. These members likely have good credit and the ability to save money each month, yet still lack the confidence to maximize their money and plan for the future. Net Worth will put a person's full financial picture into perspective so members can feel confident in making decisions to grow their money.
BUILDING ON MINT'S SUCCESS
To bring this to life, Intuit's Mint business has joined the Credit Karma team to build its Net Worth experience, combining Mint's more than 15 years of product experience helping consumers effectively manage their money. This marks the latest milestone in Credit Karma's journey of championing financial progress for all, and serves as yet another example of how Intuit is accelerating Credit Karma's ability to deliver greater value to members, as well as those who are not yet on the Credit Karma platform.
"Credit Karma's mission is to champion financial progress for all, but we know that financial progress looks different for everyone," said Kenneth Lin, CEO and founder of Credit Karma. "This next evolution of Credit Karma will combine the expertise and momentum generated by Mint with Credit Karma's scale and technology, and enable us to help more Americans, in particular those who are faced with a new set of financial challenges and are looking to elevate and protect their net worth."
KNOW YOUR NET WORTH
Credit Karma's Net Worth experience will transform over time to guide members on their path to elevate and protect their wealth, whether it be helping them maximize their credit card rewards based on their spending habits or sharing investment insights to help them diversify their portfolio. However, the first iteration will focus primarily on helping members understand the components of their net worth so they can monitor and track their progress over time, and make plans for their next dollar.
"Net Worth was built for U.S. consumers who have already made significant progress on their credit score and are looking for that next financial health indicator to track and take action on, as they continue their financial journey," said Ryan Steckler, general manager of Prime and Mint. "Before we can help consumers grow their net worth, we've built a seamless product experience that gives consumers a holistic view of all of their financial accounts, directly within the Credit Karma app."
At launch, members will be prompted to link their financial accounts, such as a 401k, brokerage account and outstanding liabilities like a mortgage, unlocking a real-time snapshot of their total net worth. This alleviates the tedious process of manually logging in to various accounts across platforms and crunching the numbers to know exactly where their money stands. As part of the experience, members will also have insight into their transactions history for a more complete view of money coming in and out each month.
About Credit Karma
Founded in 2007 by Ken Lin, Credit Karma, an INTUit company (Nasdaq: INTU), is a consumer technology company with nearly 130 million members in the United States, U.K. and Canada, including almost half of all U.S. millennials. While best known for pioneering free credit scores, the company's members turn to Credit Karma for everything related to their financial goals, including identity monitoring, applying for credit cards, shopping for loans (car, home and personal), auto insurance, savings accounts and checking accounts through our bank partner, MVB Bank, Inc., Member FDIC — all for free. Learn more about how Credit Karma members are making financial progress on TikTok, Instagram and Twitter.
This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms and conditions may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.
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