SAN FRANCISCO, Sept. 29, 2014 /PRNewswire/ -- Credit Karma, a consumer finance and technology company, today announced that its Board of Directors has approved $75 million in new investments in an add-on growth round from existing investors Google Capital, Tiger Global Management and Susquehanna Growth Equity.
This new round of funding marks another strong validation of Credit Karma's business model and growth trajectory. Just eight months ago, Credit Karma raised $85 million in a Series C round from institutional investors. The Google Capital portion of the transaction is subject to regulatory approval, and is expected to close in the fourth quarter of 2014.
"We believe this investment speaks to two themes: Continued confidence that we are the industry's leading consumer credit and finance platform, and repeated strong consumer demand for our product," said Ken Lin, CEO and founder of Credit Karma. "Today's complex marketplace requires a pro-consumer resource that makes financial comprehension easy, transparent and empowering. Credit Karma delivers that."
Credit Karma will use the funds to further advance its growth initiatives and ongoing product innovation. As a leading provider of credit and financial information and education to consumers, the company now empowers more than 30 million consumers, a 50 percent increase in users since February 2014.
This round of funding will, upon consummation of all portions of the transaction, bring Credit Karma to more than $193.5 million in total equity investments from Google Capital, Tiger Global Management, Susquehanna Growth Equity, Ribbit Capital, Felicis Ventures, QED Investors, Founders Fund and SV Angel.
For more information on Credit Karma, please visit www.creditkarma.com
About Credit Karma
Credit Karma is the leading free credit report and monitoring company that provides more than 30 million consumers with free access to their credit scores, monitoring of their financial accounts and practical tools for maintaining their financial health. Founded in 2007, Credit Karma's mission is to bring more transparency to the credit and finance space, while giving consumers data-driven recommendations that empower them to take charge of their financial health. For more information, please visit CreditKarma.com.
About Google Capital
Google Capital is a growth equity fund backed by Google. Google Capital invests in companies that use technology to change the way people experience the world. Advised by Google technology and product leaders, the Google Capital team has the extensive operational and technical expertise to make smarter investments and help our portfolio companies succeed. Google Capital's investments to date include SurveyMonkey, Lending Club, and Renaissance Learning. (www.googlecapital.com)
About Susquehanna Growth Equity
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and financial technology sectors. The firm is backed by a unique and patient capital base that allows management teams the freedom and flexibility to maximize growth. To learn more, please visit us at http://www.sgep.com.
About Tiger Global Management
Tiger Global is a fundamentally oriented, global investment firm. The Firm deploys capital in private equity partnerships and public equity funds. Tiger Global's private equity partnerships have ten-year investment horizons and invest in growth companies in the global Internet and technology sectors. Tiger Global's private investments have included SurveyMonkey, Warby Parker, Yandex, Facebook, LinkedIn, Jingdong, Despegar, Mail.ru Group, Ctrip, Flipkart, Makemytrip, Justdial, Netshoes, MercadoLibre, OnDeck, and Eventbrite. The Firm's public equity funds focus on long-term trends in the technology, telecom, media, retail and consumer sectors. Tiger Global was founded in 2001 and is based in New York.
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SOURCE Credit Karma