Credit Karma Hits 60 Million Users, Will Add Mortgages

  • JJ Hornblass
  • September 9, 2016
  • 2

canstockphoto21981891Credit Karma now has 60 million users. Yes, that zero is supposed to be there.

And the company, which gives out free credit scores and generates revenue from selling lending leads, is adding 1 million to 2 million users — which the company calls “members” — per month, a Credit Karma official told an investment banking audience yesterday.

Credit Karma, consistently one of the most popular financial mobile apps, was founded in 2007 and has raised $368 million of venture funding to date, according to Crunchbase.

These eye-popping numbers put Credit Karma squarely in competition with LendingTree in the credit leads space. And that competition will only intensify: Credit Karma is preparing to begin offering mortgages to its “members” soon. Obviously, mortgages represent a massive opportunity for Credit Karma, and the additional product takes dead aim at LendingTree’s most prominent vertical. More than half of LendingTree’s overall business comes from the mortgage sector. Credit Karma’s largest sector today is credit cards.

Credit Karma is also considering a move into student loan refinancing, and possibly personal insurance, although insurance is less of a certainty.

Credit Karma today facilitates originations of student loans, business loans, auto insurance, auto loan refinances and personal loans, which has been a hot space in online lending over the last couple of years. It counts among its clients Capital One Financial Corp., Barclaycard, JPMorgan Chase & Co., and Citigroup.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at or 212-564-8972.

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