Here's what Intuit's $8.1 billion acquisition means for Credit Karma - Business Insider

Its scale and reach proved attractive to Intuit, whichOn December 3rd, the acquisition closed, contingent on Credit Karma selling its tax offering to Square, which was a requirement of the dealThe deal ultimately closed for $8.1 billion in cash and stock, $1 billion more than the.

Lin said the deal has the potential to be viewed as a "turning point" for consumers a decade from now thanks to the ability for both companies to pool resources, data elements, and cutting-edge tech. Banks and fintechs have evolved financial offerings and used new sets of data to make credit decisions, but consumers have been left behind, Lin said. As a result, the space has the potential to be transformed, he added.

With that data, Credit Karma can simplify historically complex and manual processes, like applying for credit and refinancing a mortgage. By proactively looking for more cost-effective credit and automating application processes, Credit Karma wants to change the way consumers overpay for financial products.

"That is kind of how consumers stand to benefit. When you bring Intuit into the equation, you really turbo charge it," Lin said.As bright as the future looks for Intuit and Credit Karma, that's not to say there weren't bumps along the way.

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