Credit monitoring and personal finance company Credit Karma is now valued at about $4 billion, after equity firm Silver Lake purchased a $500 million stake in the company.
The stake comes as Credit Karma, which has been dutifully expanding its place in the financial ecosystem for more than a decade, seeks to move from a simple credit site to a fully fleshed-out financial assistant, TechCrunch reported yesterday.
Within the last two years, Credit Karma has launched a few tools designed to fill that purpose, from its free ID monitoring service—opened after the Equifax data breach in 2017—to its tax preparation service that it launched in 2016.
Aside from adding value, the investment also gives Credit Karma the ability to continue to grow its technology suite without needing to conduct an IPO and become a public company.
Credit Karma has over 80 million users in the U.S. and Canada, the company told the Wall Street Journal.
Read more at TechCrunch, the WSJ, and PYMNTs.