Intuit snaps up credit building start-up SeedFi

Intuit is set to acquire San Francisco-based fintech start-up SeedFi, which develops technology designed to help low or no-credit borrowers build credit while saving money, for an undisclosed sum.

Intuit acquires SeedFi for undisclosed sum

The deal will see SeedFi become part of Intuit’s Credit Karma business. Credit Karma had already established a partnership with SeedFi last year to utilise the latter’s tech for its Credit Builder product, which offers a line of credit and a secure savings account for customers.

Intuit says that combining SeedFi’s technology with Credit Karma’s “long-standing relationships with credit bureaus and others in the credit ecosystem” will enable the company to “move with greater speed and scale to help Credit Karma members make financial progress”.

Credit Karma was acquired by Intuit in November 2020 for $7.1 billion, joining TurboTax, QuickBooks and Mailchimp as part of the company’s portfolio of businesses. Credit Karma currently claims around 130 million members in the US, UK and Canada.

Poulomi Damany, SVP and GM for Credit Karma Money and Tax, says the acquisition will allow Credit Karma to “build products to help more members, including those who need it the most”.

Intuit says the deal is expected to close in the “coming months”.