Intuit announced Monday that it is buying consumer finance company Credit Karma in a $7.1 billion cash and stock deal.
The agreement would bring together the maker of well-known personal finance tools such as TurboTax and Mint, with a company that focuses on access to consumer financial products, such as finding the right loan or credit card.
Credit Karma, founded in 2007 and based in San Francisco, has more than 100 million members in the U.S., Canada and U.K. It generated nearly $1 billion in revenue in 2019, according to the companies.
Intuit, based in Mountain View, California, said it will pay for the deal in equal portions of cash and its own common stock. The deal value includes an estimated $1 billion in equity awards to be offered over three years.
The companies said they expect the deal to close in the second half of 2020, pending regulatory approval.