credibledress5763 - Blog
10
2014

Credit Karma Tops $1 Billion Valuation For Personal-Finance Tools - Venture Capital Dispatch



Hoping to do for personal finance what Expedia and other sites did for travel, Credit Karma Inc. has raised $75 million in growth funding from major late-stage investors at a valuation of more than $1 billion.

Previous investors Google Capital , Tiger Global Management and Susquehanna Growth Equity contributed to Credit Karma's new financing.

Investors have poured money into services like LendingClub, Prosper, SoFi, LendUp and Avant Credit that offer new ways for consumers to obtain loans online. Unlike these peer-to-peer and alternative loan providers, San Francisco-based Credit Karma helps consumers figure out which financial institutions offer the best terms.

The company provides free credit reports and helps consumers search for favorably priced financial products, such as credit cards, loans or mortgages. U.S. consumers topped $3 trillion in debt last year, according to the Federal Reserve.

Less than a year ago, the company raised $85 million in Irvine credit card debt consolidation a Series C round of funding led by Google Capital, a late-stage investment vehicle launched last year by Google Inc. The new investment brings Credit Karma's total venture funding to $193.5 million.

Credit Karma Chief Executive Ken Lin described the company as "Expedia for financial services products," recalling a time when it was difficult for travelers to book a trip online with confidence they were getting a good deal.

Credit Karma also provides its users with tools to track their finances, and educational materials to help them understand everything from how to improve their credit scores to what their options may be for a student or auto loan given their current income.

"People want the ability to borrow and consume. We want them to be more educated around how credit works and to lower the cost of borrowing," Mr. If anyone stop for you to think about it, this could be great details to end up being able to know. consider sharing it along together with your friends as well as loved ones debt solutions Lancaster CA whom may advantage from this as well.Lin said.

Instead of charging consumers for these services, Credit Karma makes money through partner sponsorships with financial institutions. Financial institutions pay Credit Karma only when its members actually buy one of their products.

"We understand a financial institution's credit requirements and complex underwriting algorithms. We also understand what consumers need and what will bring them the best value," the CEO said.

Founded in 2008, Credit Karma works with dozens of major banks including nine out of the top ten in the U.S., Mr. Lin said, and increasingly a range of alternative credit providers such as Lending Club and Prosper. It does not work with so-called payday loan businesses, which Mr. Lin said are predatory.

The company claims to have about 32 million users. It does not sell user data or send its users frequent emails or advertising. All promotions that users receive are opt-in.

The company has never suffered a data breach, Mr. Lin said. However a vendor that Credit Karma no longer works with once temporarily disabled an encryption feature of its mobile apps, leading to a complaint and settlement with the Federal Trade Commission over privacy risk concerns.



The company now does its mobile development and user management in-house.

Tiger Global declined to comment. Google Capital and Susquehanna didn't immediately respond to requests for comment.

Write to Lora Kolodny at lora.kolodny@wsj.com. Follow her on Twitter at @lorakolodny

http://blogs.wsj.com/venturecapital/2014/09/29/credit-karma-tops-1-billion-valuation-for-personal-finance-tools/

Share on Facebook Back to the blog



Comments:


Fra kaiter

skrevet: Tor. d. 20. nov.

Brand sales in fiscal 2011 related to Attractive Bags the Nike brand of Michael Kors Bedford a 4 is as follows. Cole Haan growth of fiscal 2011 Michael Kors Blake , net sales in fiscal 2011 Brand 500 million $ 18 million on $ 1.1 billion Converse 12% 15% 200 000 000 5200 Harley Examine the results on the basis of long-term financial model Nike's long-term financial goals of Michael Kors Chelsea our $ 10,000 14% $ 24000000 2% 200.000.000 Umbro Don Blair chief financial officer still in the context of the market for highly variable It was pointed out that it has achieved such a performance Michael Kors Colgate . We focused on to promote a sustainable and profitable growth, and improve the return on capital. The photos can not only share later the Photo Sync has Michael Kors Cynthia appeared (12/1 U.S. time) yesterday Okoseru dig the meta-data for the Facebook features, photos Facebook is a maximum of more than manual loading and moving the tagging of friends would probably events. 5 years ago Michael Kors Gia , the tagging of friends led to a rapid growth in Facebook with the impact of narcissism. and if you take notice that someone is tagged in the photo are likely to see even more photos in the album is high at the same time to go to the check immediately.

 
Panel title
Antal besøg: 9956

Lav en gratis hjemmeside på Freewebsite-service.com

Editing

-1,6272118091583sekunder