Intuit to Acquire SeedFi

Intuit (Nasdaq: INTU), a Mountain View, CA-based provider of a financial technology platform, acquired SeedFi, a San Francisco, CA-based company that allows low, or no-credit borrowers to build credit while saving money.

The amount of the deal was not disclosed.

With the acquisition, SeedFi’s Credit Builder feature will join Intuit’s Credit Karma business to help more members build credit while saving money. Credit Builder offers a line of credit and a secured savings account enabling members to build their credit while building up savings. By combining SeedFi’s Credit Builder technology with Credit Karma’s long standing relationships with credit bureaus and others in the credit ecosystem, Intuit will be able to scale to help Credit Karma members make financial progress.

Led by CEO Jim McGinley, SeedFi is a consumer technology company with nearly 130 million members in the United States, U.K. and Canada, including almost half of all U.S. millennials. While known for its activity in free credit scores, the company’s members turn to Credit Karma for everything related to their financial goals, including identity monitoring, applying for credit cards, shopping for loans, auto insurance, savings accounts and now checking accounts through its bank partner, MVB Bank, Inc., Member FDIC.

Led by CEO Sasan K. Goodarzi, Intuit is a financial technology platform with more than 100 million customers worldwide using its solutions including TurboTax, Credit Karma, QuickBooks, and Mailchimp.

The transaction between Intuit and McBurberod Financial, Inc. which does business as SeedFi, is subject to closing conditions, and is expected to close in the coming months. Upon close, SeedFi will become part of Intuit’s Credit Karma business. The transaction is not expected to have a material impact on Intuit’s operating results for the full fiscal year 2023. Intuit Ventures was an investor in SeedFi’s last financing round.

FinSMEs

05/12/202