Private equity backed FinTech platform Credit Karma is reportedly close to being bought by TurboTax developer Intuit for about $7bn.
The deal could be announced early this week, people familiar with the matter told the Wall Street Journal.
Under the potential deal Credit Karma would operate as a standalone business under the leadership of its founder and CEO Kenneth Lin.
Two years ago PE major Silver Lake made a $500m secondary investment in Credit Karma, giving the business a $4bn valuation.
Lin remained the largest shareholder in the company following that deal, while Silver Lake managing partner Mike Bingle joined the company’s board.
The company is also backed by FinTech focused venture capital firm Ribbit Capital.
Founded in 2007, Credit Karma has more than 100 million members across the United States, UK and Canada, and claims that it serves “almost half of all US-based millennials”.
The company offers a suite of products for members to monitor and improve credit health, prepare and file income taxes, monitor their identities, and track and manage vehicle information and financing solutions.
Silver Lake closed its fifth fund on $15bn in December 2017, smashing its initial $12.5bn target.
Last month, Silver Lake and Partners Group agreed to sell tax free shopping business Global Blue to a special purpose acquisition vehicle established by ex-New York Stock Exchange president Thomas Farley.
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