Venture capital firms Ribbit Capital and Susquehanna Growth Equity have thrown their support behind credit monitoring business Credit Karma by leading its latest fundraise.
The company has raised $8m in a Series B round, which was also backed by existing investor Felicis Ventures, taking the total funds raised to date to $33.5m.
Since its Series A round in 2009 Credit Karma has seen its revenues soar 4,000 per cent as it added 10 million new users.
The company plans to use the funds for further product development and market expansion.
Scott Feldman, Susquehanna Growth Equity director, said, “Whether a mortgage, credit card, auto loan, student loan or other financial product, the process of accessing credit is cumbersome, costly and confusing.
“We spent the last seven years looking for a disruptive player in personal financial management and credit analytics that set out to bring transparency to the market, and we finally found Credit Karma.
“It’s a game changing business model that we think could redefine how consumers and financial institutions interact in the future.”
In October last year Ribbit participated in a $26m funding round for London-based borro, an online provider of short-term loans secured against personal assets, which was led by Canaan Partners.
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