One of the persistent problems facing the fintech revolution is the vast population of the U.S. with poor credit and no emergency savings — up to 75% of Americans, according to a study by the Consumer Financial Protection Bureau (CFPB). Some fintech tools have been designed to help this traditionally underserved demographic, such as Intuit’s service Credit Karma, which uses SeedFi’s Credit Builder tool to facilitate consumers’ attempts to repair their financial health.
As of early December 2022, Credit Karma’s relationship with SeedFi will grow considerably tighter on the completion of an acquisition of SeedFi by Intuit sometime in the near future. Though details of the deal have not yet been disclosed, it is expected that the popular Credit Builder feature will soon be better integrated throughout Intuit’s Credit Karma ecosystem.
“By combining SeedFi’s Credit Builder technology with Credit Karma’s long-standing relationships with credit bureaus and others in the credit ecosystem,” said Intuit in a press release about the acquisition, the company “will be able to move with greater speed and scale to help Credit Karma members make financial progress.”