Intuit Inc. . , the software company behind TurboTax, won U. . S.. . antitrust approval for his $ 7. 1 Billion Acquisition of Credit Karma Inc’s personal finance website. .
The Justice Department announced Wednesday that it would close the deal after Credit Karma agreed to sell its tax business to Square Inc. For sale. for $ 50 million to address government concerns about competition in do-it-yourself tax products.
San Francisco-based Credit Karma has attracted more than 100 million users through free credit scores since its inception in 2007. The financial technology startup offers other services, including the ability to apply for a credit card, find a car loan, or open a savings account.
The Justice Department said Credit Karma’s tax business, which does not charge any fees on its products, has become a disruptive competitor for TurboTax. The sale to Square would continue the competition.
« Today’s divestment of Square, another hugely successful and disruptive fintech company, ensures taxpayers continue to benefit from this competition as well as new innovative financial services offerings from Intuit and Square, » said Makan Delrahim, head of Antitrust Department said in a statement.
Credit Karma, Intuit, Finance, Square, NASDAQ: INTU
EbeneMagazine – CA – TurboTax Maker Intuit wins U. . S.. . Antitrust nod for credit karma
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