Intuit's acquisition of Credit Karma gives investors big returns - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

No one wanted to invest in Credit Karma when it launched at the height of the financial crisis. Now some early backers are celebrating their returns after it sold for $7.1 billion.

based on their score. Thirteen days later, the government took control of Fannie Mae and Freddie Mac.

Senkut was undeterred. In 2009, he wrote a check for $50,000 from his debut fund into the startup's first significant round of venture capital. The funding valued Credit Karma at $4.5 million, Senkut said. Mint, a personal finances site, and one of Senkut's portfolio companies, had seen new users multiply in the months after the financial crash.

Rotman said his background helped him see right away that banks and credit card issuers would want to work with Credit Karma. In those days, theyto acquire customers. It was "incredibly inefficient," Rotman said, because the firms didn't have enough data on their target customers to recommend specific products. That's where Credit Karma proved useful. It could show its users ads for certain products that they would qualify for based on their data.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

So we're calling a top?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

5 things you should look for in any business credit card - Business InsiderBusiness credit cards help keep your work and personal expenses separate — the best ones also offer travel benefits and high intro bonuses
Source: BusinessInsider - 🏆 729. / 51 Read more »

Credit Suisse says sell-off presents buying opportunity in these Asian tech stocksApple suppliers, live-streaming apps and online education companies are among the stocks that Credit Suisse picked.
Source: CNBC - 🏆 12. / 72 Read more »

Chase Sapphire Reserve vs Amex Platinum: Which credit card is best? - Business InsiderThe Chase Sapphire Reserve and the Amex Platinum are two of the most popular — and rewarding — premium credit cards. See which one is best for you. I WANT THE FULL PACKAGE We use both
Source: BusinessInsider - 🏆 729. / 51 Read more »