Intuit to buy credit-building platform SeedFi for undisclosed price
JHVEPhoto

Intuit (NASDAQ:INTU) the small business, tax software and credit monitoring company that owns TurboTax and Credit Karma, has agreed to acquire startup SeedFi, the partner behind Credit Karma's Credit Builder, for an undisclosed amount, it said Thursday.
Credit Builder offers its borrowers a credit line along with a savings account allowing members to build their credit while boosting their savings.
The deal, which is expected to close in the coming months, will enable Intuit (INTU) to accelerate its speed and scale to help Credit Karma members progress financially, it said. Of note, INTU's Credit Karma has been struggling recently and it's expected to see a revenue slump of up to 15% in 2023.
SeedFi has built great technology, so when combined, we will move even faster and build products to help more members, including those who need it the most,â said Poulomi Damany, senior vice president and general manager for Credit Karma Money and Tax.
Credit Karma teamed up with SeedFi, the business name of McBurberod Financial, last year to offer Credit Builder to its members, and Intuit Ventures invested in SeedFi's most recent financing round.
In November, Intuit to handle email marketing for NFL, expands relationship for another four years.