TECHCRUNCH: The rush of funding for fintech startups continues. TechCrunch has learned and confirmed that Credit Karma — a platform that provides credit scores to users but also serves as a portal for people to search and apply for various financial services like loans, credit cards and insurance — has raised a round of funding of $175 million on a valuation of $3.5 billion.
Moreover, from what we understand the company is on track to file for an IPO within the next 1.5 years.
The funding comes from Tiger Global Management, Valinor Management and Viking Global Investors LP, and brings the total raised by Credit Karma to $368.5 million.
The news comes at a flush time for the San Francisco-based company, and for online financial services in general.
The company currently has more than 40 million consumer customers. Originally built as a site for users to keep up and manage their credit scores, it now covers a range of other services, with financial tools and a portal for applying for different kinds of products, from credit cards to insurance and of course loans. Behind the scenes it uses the larger trove of data that it collects to tailor and hone its services for users — but also to provide analytics for the companies that use Credit Karma as a platform to sell services. Read the full article
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