- Credit Karma is launching Net Worth, a new tool that will enable users to view and track their net worth in a single place.
- Intuit’s Mint business has joined the Credit Karma team to facilitate the new Net Worth tool.
- At launch, the Net Worth tool will be available to U.S. consumers with credit scores above 720.
Intuit-owned Credit Karma is expanding from credit building into wealth building this week with its new launch, Net Worth. The new tool aims to help the company’s 120 million U.S. members track their net worth, and places Credit Karma one step closer toward its goal of becoming a full service personal financial management platform.
Intuit subsidiary Mint is key to today’s launch and has joined the Credit Karma team to implement the new offering. Mint launched in 2007 to help users keep track of all of their accounts in a single place. The company was one of the first to offer account aggregation in a direct-to-consumer offering.
“Credit Karma’s mission is to champion financial progress for all, but we know that financial progress looks different for everyone,” said Credit Karma CEO and Founder Kenneth Lin. “This next evolution of Credit Karma will combine the expertise and momentum generated by Mint with Credit Karma’s scale and technology, and enable us to help more Americans, in particular those who are faced with a new set of financial challenges and are looking to elevate and protect their net worth.”
At launch, Net Worth will be quite simple. The tool will help members understand the components of their net worth, monitor changes, and track their transactions over time. Future iterations will enable users to protect their net worth, maximize credit card rewards based on spending habits, and view investment insights. Interestingly, each of these secondary iterations comes with potential revenue streams, such as selling insurance, credit card promotional partnerships, etc.
Credit Karma is making Net Worth available to U.S. consumers with credit scores above 720 and hopes to expand the tool to more users over time. “Net Worth was built for U.S. consumers who have already made significant progress on their credit score and are looking for that next financial health indicator to track and take action on, as they continue their financial journey,” said Mint General Manager Ryan Steckler. “Before we can help consumers grow their net worth, we’ve built a seamless product experience that gives consumers a holistic view of all of their financial accounts, directly within the Credit Karma app.”