Credit Karma has raised $30 million in Series B funding led by Ribbit Capital and Susquehanna Growth Equity. Felicis Ventures also participated in this round. This funding round puts Credit Karma at a total of $33.5 million raised from venture financing. The company plans to use the funding to accelerate their growth and expand into new markets. The funding will also be used to hire more talent and launch new products.
“The new funding will help us continue to improve our products and find innovative ways to serve consumers,” stated Credit karma CEO Ken Lin. “We are thrilled to welcome Ribbit Capital and Susquehanna Growth Equity as investment partners and look forward to leveraging their deep industry knowledge and expertise to take Credit Karma?s growth to the next level. Importantly, all of our investment partners share our vision to become a household name for consumer advocacy and empowerment.”
Credit Karma’s revenue has increased over 4,000% since their Series A announcement in 2009. The company registered an additional 10 million members, whom uses Credit Karma’s free online tools to help them take charge of their financial needs. These users can access Credit Karma’s services on Android and iOS.
Scott Feldman (Susquehanna Growth Equity director) and Micky Malka (founder of and General Partner of Ribbit Capital) will be joining Credit Karma’s board of directors.