Following the Equifax hack, Credit Karma is offering a free service that will alert customers if their information has been compromised; the service is currently being tested and will be available sometime in October; the company accelerated the launch due to the large breach at Equifax and has seen a 50% increase in signups following the hack. Source
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I dig deeply into the $5.3 billion acquisition of data aggregator Plaid by $500 billion payments network Visa. We examine why this deal is worth 25-50x revenue, while Yodlee's sale to Envestnet was priced much lower. We also look at how Plaid could be an existential threat to Visa, and why paying 1% of marketcap to protect 200 million accounts may be a good bet. Broader implications for product manufacturers across payments, investments, and banking also emerge -- the middle is getting carved out, and infrastructure providers like Visa or BlackRock are moving closer to the consumer.
Known for its personal finance and credit advice, Credit Karma has announced some new changes and initiatives with an overall rebrand; expanding on its free credit scores, credit reports and credit monitoring, the firm has launched Credit Karma Tax which will offer free tax preparation services; the service is driven by its acquisition of AFJC Corporation which provides online tax preparation solutions; with the tax offering, the firm has rebranded to convey itself as a financial assistance solutions provider; according to Credit Karma Founder and CEO Kenneth Lin, "We'll continue to add tools and features that will make Credit Karma more of a personal assistant for finance." Source
Credit Karma has had huge success in the US providing free credit scores and recommending products for their users; they...