Credit Karma, which has amassed 100 million users to date, has acquired a five-person company to build out its savings app: Haven Money.
It’s part of the Credit Karma’s investment in autonomous finances for its customers, moving from understanding their customers money through credit scores and taxes to “playing an active role in it,” Jagjit Chawla, the vice president and general manager of Tax and Savings at Credit Karma, told me.
Haven Money helps users manage their savings for investing and retirement using proprietary technology and algorithms.
While Credit Karma hasn’t yet made a decision on specific product plans, the company said it will leverage Haven Money’s technology and assets (once the deal closes, of course).
“We have trust with customers to hold their money, the next step there would be is [to] help people managing someone’s personal finances,” Chawla said.
“Each [other fintech companies] has about 1 to 5 million users right now,” he said.
Instead, Credit Karma has “the reverse problem” said Chawla, which is to keep building and compounding products to keep those millions of users happy.