Intuit says it is buying consumer finance company Credit Karma in a $7.1 billion cash and stock deal.
Intuit is best known for its personal finance tools such as TurboTax and Mint, while Credit Karma promotes products that help consumers find the right loan or credit card. Intuit says it will pay for the deal in equal portions of cash and its own stock.
The companies say they expect the deal to close in the second half of 2020, pending regulatory approval.
Intuit’s CEO Sasan Goodarzi was quoted in the Associated Press saying the companies want to give consumers, “a personalized financial assistant.”
Both companies both argue that many people are struggling to fully understand where they are with their finances. The companies leaders say consumer's data will remain their own and they can opt to share it or not in order to get personalize offers.