Personal finance company Intuit is expected to buy startup Credit Karma for $7 billion this week, further solidifying the TurboTax business as the largest in the world for tax and bookkeeping services.
Intuit, with a current market cap value of $77 billion, is reportedly set to purchase the finance startup Credit Karma. The startup was founded in 2007 and provides customers with free access to credit scores, as well as tax preparation services and alerts to data breaches. As of 2018, the company was valued at around $4 billion.
The growth of Intuit has been meteoric in the last decade. By creating and adding products like TurboTax, bookkeeping service QuickBooks and budgeting platform Mint, Intuit has risen from a market cap of $10 billion in 2008 to $77 billion today.
Intuit is expected to release their second-quarter earnings report on February 24, which is predicted to show steady growth with a revenue of roughly $1.7 billion.
