#PFM / Intuit and Credit Karma Receive Clearance from Department of Justice for Acquisition of Credit Karma

Acquisition Paves the Way to Help Over 100 Million Consumers Save, Pay Down Debt and Get Faster Access to Money

Intuit (Nasdaq: INTU)… with 57 million customers, and Credit Karma, the consumer technology platform with more than 110 million members in the U.S., Canada and the U.K., today announced that they have entered into a consent decree with the U.S. Department of Justice (DOJ), an important step in completing their previously announced merger…

Intuit and Credit Karma also announced Credit Karma’s agreement with Square (NYSE: SQ), pursuant to which Credit Karma will divest its Credit Karma Tax business to Square. The completion of the transaction with Square is contingent upon the successful closing of Intuit’s acquisition of Credit Karma, among other customary closing conditions…

[CEO of Intuit:] “We are very excited to reach this important milestone today. This brings us one step closer to transforming personal finance by making it simpler for consumers to find the right financial products, put more money in their pockets, and provide financial expertise and advice…”

As a result of the combined company’s capabilities and accelerated innovation, consumers, including the 57M Intuit customers and 110M Credit Karma members, will quickly see break-through benefits. Consumers will find the right financial products including unparalleled offers on credit cards, loans and insurance… Consumers will also get access to financial expertise and advice, actionable insights, tools and live experts to help them better understand their complete financial picture, make better financial decisions and build wealth.