Credit Karma: a truly inclusive financial management platform

By Amber Donovan-Stevens
Credit Karma is the credit and financial management platform that has altered the way in which users approach credit. By giving its users direct access...

Credit Karma is the credit and financial management platform that has altered the way in which users approach credit. 

By giving its users direct access to credit scores, Credit Karma is dispelling the myths of credit and returning control of finance to individuals. The platform, which is little over a decade old, now has over 100mn and is forecasted by Business Insider to be the next IPO of 2020.

Credit Karma was founded on March 8, 2007, by Kenneth Lin, Ryan Graciano and Nichole Mustard. Leading with the motto: “everyone deserves to feel confident about their finances,” the company allows users to track their credit score by offering a comprehensive credit score and financial management platform. The service offers free credit scores and reports from national credit bureaus TransUnion and Equifax. Headquartered in San Francisco, CA, US, the fintech now has a market valuation of US$4bn, which is set to continue to grow in 2020 as the company prepares to develop services. 

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Perhaps most importantly, the services offered by the Credit Karma are free, truly living up to its ethos. The company instead makes its money through targeted ads that feature on the platform. To continue in its campaign of building financial confidence in its users, in 2015 it launched a campaign called “My Money Story” which sought to encourage individuals to discuss their money experiences, which is a topic often socially considered taboo. From this, the company created several short videos which have since inspired a more open conversation around finances and in particular, credit. 

Click right of our banner image to see one of the videos from "My Money Story."

Did you know? Credit Karma also provides a Credit Score Simulator, which offers an estimated alteration to a credit score based on a theoretical purchase. 

For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.

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