PYMNTS.com -- Credit management company Credit Karma, recently acquired by Intuit, is launching Credit Karma Money Spend, which integrates its checking account tool with Intuit’s TurboTax. TurboTax users will be able to create Credit Karma Money Spend accounts within the TurboTax platform. They can also have their tax refunds directly deposited into their Credit Karma Money Spend accounts.
“We believe consumers should have a checking account that helps them make financial progress, which is why we created Credit Karma Money Spend,” Kenneth Lin, founder and CEO of Credit Karma, said in a Thursday (Feb. 11) press release. “We're starting 2021 off by leveraging our relationship with Intuit to bring Credit Karma Money to millions of tax filers this tax season. A tax refund is the biggest paycheck for many Americans and with this TurboTax integration we can help them put that money to work avoiding unnecessary fees and helping to guide healthy financial decisions to maximize their day-to-day spending and billpay.”
Last November, Credit Karma divested its previous tax unit, Credit Karma Tax, to Square for $50 million in cash to allay the U.S. Department of Justice’s antitrust concerns. Credit Karma’s tax unit had roughly 2 million customers.
Credit Karma has more than 110 million members in the U.S., Canada and U.K. and was founded in 2007 by Lin, Nichole Mustard and Ryan Graciano. Intuit acquired Credit Karma for $7.1 billion last year.
Intuit’s Turbo Tax division has about 42.7 million in the U.S. Credit Karma has approximately 110 million customers in total.