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Credit Karma Just Raised $175M On A Valuation Of $3.5B!

Posted by: on Jun 25, 2015 | No Comments

The leading online free credit report management platform Credit Karma has raised a whopping $175 million this week. Credit Karma provides free credit reports to US consumers on the web and key mobile platforms. The service provides free weekly updated credit scores and credit reports from the two national credit bureaus which are TransUnion and Equifax. Credit Karma was founded in 2007 by Kenneth Lin with early investors that include Chris Larson and Mark LeFanowicz.

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Credit Karma Press:
“Imagine one financial platform that anticipates and provides everything you need,” said Ken Lin, Credit Karma’s CEO and founder. “With more than 40 million members, we are excited by Credit Karma’s widespread adoption by people all over the country, giving us insight into $2.3 trillion of America’s household debt. This massive data enables us to deliver top quality insights for everyone looking to improve their personal finances.”
“We want to be a strong advocate for our members. Today, no one tells you when your credit rating goes up or when a lower interest rate is available for your loan,” Lin continued. “We’ll soon be able to let people know when they have an opportunity to save money and if they’ll be approved, with new levels of certainty. Better yet, they only need to share their complete application when absolutely necessary, usually after knowing whether or not they’re approved.”

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The service has over 40 million consumer consumers that utilize many of the sites many financial tools and sponsored products by advertisers. By offering their services free Credit Karma generates revenue by advertisements and other financial products. These advertisements help offset free credit reports, scores and credit monitoring. The new funding comes from Tiger Global Management, Viking Global investors LP and Valinor Management that brings the total funding raised by Credit Karma to $368.5 million.  It’s truly amazing that the company started by providing free credit scores to members, and has grown into an essential platform to help many Americans access their credit reports and scores hassle free. I use the service and I can say it’s great to get a general overview of your credit however the scores are not as accurate based on what the credit bureaus have on file, nevertheless, it’s still a great service to monitor, check and manage your credit profile.

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