Credit Karma Aims to Help Millions of Americans Know, Grow and Protect Their Net Worth
09 Março 2023 - 11:00AM
Business Wire
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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version on businesswire.com: https://www.businesswire.com/news/home/20230309005041/en/
Jaime Duzi pr@creditkarma.com
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