Intuit's Credit Karma acquisition suggests that consolidation is intensifying as fintechs increasingly challenge the status quo of the industry
Mint for $170 million in 2009 to help users better manage their finances, and its service Turbotax helps customers do their taxes, for example. Intuit's acquisition of Credit Karma deepens its push into consumer finance further and makes its product suite even more robust, as it's gaining access to free credit scoring services.
And for Credit Karma, IPO rumors have been swirling — but exiting the market in a move that avoids a stint on the public market could be a much more lucrative path for the fintech. It's been rumored that Credit Karma was a likely candidate to go public this year after already delaying an IPO at least once before, The Street.
The news comes just days after another major acquisition in the finance space, suggesting that consolidation is intensifying as fintechs increasingly challenge the status quo of the industry. Just last week, Morgan Stanley agreed to Additionally, marketplace lender Lending Club signed a deal to Radius Bank for $185 million earlier this month — making it the first fintech to buy a bank — and Visa open banking fintech Plaid for $5.3 billion in January.
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