Credit Karma, the consumer technology platform that provides spend and save solutions, has a new integration with Intuit’s software. Credit Karma Money now interfaces with QuickBooks Online Payroll.
Intuit acquired Credit Karma in 2020 in a blockbuster $8.1 billion deal. This new software integration is the second between the two companies since the deal, the first being an integration with TurboTax.
Through the Credit Karma Money-QBO Payroll integration, small business employees have the option to deposit their paycheck into a Credit Karma Money Spend account via their employee portal, QuickBooks Workforce.
“When we joined forces with Intuit, we knew there would be opportunities for our businesses to partner to build a more holistic financial ecosystem for members to manage all aspects of their finances, all in one place, and their paycheck is a major part of that,” said Ken Lin, founder and CEO of Credit Karma, in a statement. “This integration will enable us to reach small businesses and provide their employees, many of whom are living paycheck to paycheck, with a better overall checking and saving experience.”
“More than 70% of employees paid through QuickBooks Online Payroll are hourly wage earners who make less than $50,000 a year,” said Laurent Sellier, vice president and business leader of Intuit QuickBooks Online Payroll, in a statement. “The integration between Credit Karma Money and QuickBooks Payroll will make it easy for small business employees to manage their money and keep more money in their pockets.”
In fiscal year 2020, QuickBooks Payroll products processed payments for more than 15 million employees, accounting for more than $208 billion in payroll annually, Intuit reported. The goal for this initial integration with QuickBooks Online Payroll is for Credit Karma to rapidly scale Credit Karma Money, which is its biggest venture to date.
Future plans include a Credit Karma Money integration with QuickBooks Desktop Payroll, providing more small business employees with the option to open a Credit Karma Money Spend or Save account and, for some, the potential to receive paychecks up to two days in advance of their designated payday.
