Personal-finance firm Credit Karma to launch checking account in US

(Reuters) – Personal-finance company Credit Karma said on Tuesday it would launch a checking account to U.S. members this year, making it the …

By Anna Irrera

2 Min Read

(Reuters) – Personal-finance company Credit Karma said on Tuesday it would launch a checking account to U.S. members this year, making it the latest fintech to join the crowded digital banking market.

Credit Karma Money Checking will initially be available only to those members who hold a savings account with Credit Karma, the San Francisco-based company said.

Opening a checking account will require no minimum balance or deposit requirements, it added.

The service will be available more widely in early 2021 with offerings being added throughout the year.

Credit Karma, which has 100 million members in the United States, Canada and the UK, is best known for letting customers access their credit scores and some other personal finance tools for free. It also offers third-party credit cards and loans to customers, tailored to their credit history.

Several fintechs have been expanding the types of financial services they offer and moving beyond their initial area of focus. Many are now seeking to attract deposits, often through enticing rates or low fees.

Credit Karma hopes its product will stand out among competitors because of how it connects to the company’s other offerings, Kenneth Lin, Credit Karma chief executive officer and founder, said in an interview.

“The differentiation is going to be the connection to the credit and a holistic view of your financial life,” Lin said. “It helps consumers build credit and pay off the debt and save for their future.”

Credit Karma will be offering its checking account through MVB Bank Inc, a member of Federal Deposit Insurance Corp, a U.S. bank regulator. Lin said the company does not have plans to apply for a banking charter.

“We are not looking to be a bank,” Lin said.

Reporting by Anna Irrera in London and C Nivedita in Bengaluru; Editing by Maju Samuel

Report Title: Global Credit Scores, Credit Reports & Credit Check Services Market Updated(July …

Credit Karma Equifax Credit Sesame IdentityForce PrivacyGuard. Experian Trans Union. Analysis of Credit Scores, Credit Reports & Credit Check …

Report Title: Global Credit Scores, Credit Reports & Credit Check Services Market Updated(July 2020) Research Report

This latest report studies Credit Scores, Credit Reports & Credit Check Services Market globally, particularly in North America, Europe(Germany, UK, France, Italy, Spain, Russia, Poland), China, Japan, Southeast Asia (Malaysia, Singapore, Philippines, Indonesia, Thailand, Vietnam) the Middle East and Africa(Saudi Arabia, United Arab Emirates, Turkey, Egypt, South Africa, Nigeria), India, South America(Brazil, Mexico, Colombia), with revenue, import, and export, production, consumption in these regions, from 2015 to 2019, and forecast 2020 to 2027. Global Credit Scores, Credit Reports & Credit Check Services market 2020 research report is replete with precise analysis from radical studies, specifically on queries that approach market size, trends, share, forecast, outlook, production, and futuristic developments trends and present and future market status.

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Identity Guard

MyFICO

Credit Karma

Equifax

Credit Sesame

IdentityForce

PrivacyGuard

Experian

Trans Union

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Credit Scores

Credit Reports

Credit Check

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Private

Enterprise

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Table of Content & Table Of Figures

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Lemonade rival Hippo scores $150m Series E funding as insurtech ecosystem hots up

US insurtech Hippo has closed a $150m Series E fundraise and has hit a valuation of $1.5bn. The funding round saw involvement from both new …
Digital Banking

Hippo continues to increase its stake in the insurtech landscape.

Lemonade rival Hippo scores $150m Series E funding as insurtech ecosystem hots up

Image source: Assaf Wand (right)/Hippo

US insurtech Hippo has closed a $150m Series E fundraise and has hit a valuation of $1.5bn.

The funding round saw involvement from both new investors such as, Fin TLV, Ribbit Capital, which has invested in the likes of Revolut,Robinhood,Raisin and Funding Circle, Dragoneer and, Innovius investors.

Existing investors in the round include Comcast Ventures, Felicis Ventures, which has invested in fellow fintechs Credit Karma and Plaid, Fifth Wall, Pipeline Capital, an investor in Elon Musk’s SpaceX, and several others.

Founded in 2015, Hippo offers affordable home insurance through using technology and data to create a bespoke service for its customers.

Assaf Wand, co-founder and CEO of Hippo, said: “We’ve seen tremendous growth over the last three years since launch, by leveraging technology wisely and reimagining the customer experience.”

“We’re developing a long-term relationship with our customers, in part by supporting our insurance customers with home maintenance and smart home devices – all of which help solve small problems before they become big headaches.”

The insurtech is planning to use the money to continue its rapid expansion across the US, with Hippo hoping to reach 95 per cent of the US population in the next 21 months, grow its employee numbers and invest in technology.

To date, Hippo has raised a massive $359m and currently operates in 29 of the 50 states in America.

Earlier on this month, US insurtech Lemonade surpassed all expectations on its debut on the New York Stock Exchange.

The company was hoping to raise at least $100m, but within hours of its IPO, Lemonade’s valuation had soared from $1.6bn to $3.9bn.

Over this side of the pond, however, insurtech seems to be having a tougher time and breaking through the incumbents.

Just last week, UK insurtech Brolly was acquired by Direct Line Group for an undisclosed sum, following the startup struggling to gain enough traction to stay afloat on its own.

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Credit Scores, Credit Reports & Credit Check Services Industry 2020 Market Growth, Size, Share …

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Analysis of Credit Scores, Credit Reports & Credit Check Services Market Key Manufacturers: Experian, MyFICO, Identity Guard, Equifax, Credit Sesame, Trans Union, PrivacyGuard, IdentityForce and Credit Karma

Global Credit Scores, Credit Reports & Credit Check Services Industry 2020 Market Research Report is spread across 101 pages and provides exclusive vital statistics, data, information, trends and competitive landscape details in this niche sector.

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Credit Scores

Credit Reports

Credit Check

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Private

Enterprise

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Global Credit Scores, Credit Reports & Credit Check Services 2020 to 2026 includes:

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The content of the study subjects, includes a total of 15 chapters:

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Chapter 5, 6, 7, 8 and 9, to break the sales data at the country level, with sales, revenue and market share for key countries in the world, from 2015 to 2020.

Chapter 10 and 11, to segment the sales by type and application, with sales market share and growth rate by type, application, from 2015 to 2020.

Chapter 12, Credit Scores, Credit Reports & Credit Check Services market forecast, by regions, type and application, with sales and revenue, from 2020 to 2026.

Chapter 13, 14 and 15, to describe Credit Scores, Credit Reports & Credit Check Services sales channel, distributors, customers, research findings and conclusion, appendix and data source.

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