Credit Karma, the consumer technology platform that provides spending and savings solutions, has a new integration with Intuit software. Credit Karma Money is now linked to QuickBooks Online Payroll.
Intuit acquired Credit Karma in a blockbuster deal for $ 8.1 billion in 2020. This new software integration is the second between the two companies since the deal, the first being an integration with TurboTax.
The Credit Karma Money-QBO Payroll integration enables small business employees to deposit their paychecks into a Credit Karma Money Spend account through their QuickBooks Workforce employee portal.
“When we partnered with Intuit, we knew there would be opportunities for our companies to work together to build a more holistic financial ecosystem where members can manage all aspects of their finances in one place and their paycheck is one important part of it, ”said Ken Lin, founder and CEO of Credit Karma, in a statement. “This integration will allow us to reach out to small businesses and provide an overall better review and savings experience for their employees, many of whom live paycheck to paycheck.”
“More than 70% of employees paid through QuickBooks Online Payroll are hourly wage earners who earn less than $ 50,000 a year,” said Laurent Sellier, vice president and business leader, Intuit QuickBooks Online Payroll, in a statement. “The integration between Credit Karma Money and QuickBooks Payroll will make it easier for small business employees to manage their money and keep more money in their pockets.”
In fiscal 2020, QuickBooks Payroll products processed payments for more than 15 million employees, who account for more than $ 208 billion in payroll annually, Intuit reported. The goal of this initial integration with QuickBooks Online Payroll is for Credit Karma, the largest company to date, to scale quickly.
Future plans include Credit Karma Money integration with QuickBooks Desktop Payroll, which will give more small businesses the option to open a Credit Karma Money Spend or Save account and, for some, the option to receive paychecks up to two days in advance of their intended use Payday.