Ken Lin will never forget 24 February 2020. The CEO of Credit Karma was set to reveal that his firm, which he created 13 years ago, going too bought for more than $7 billion. The stock market, meanwhile, was in rapid collapse. “When I woke up, the Dow futures were down 600 points because the COVID pieces were starting to hit the market,” Lin explained. “I woke up around 5 a.m., and the Dow was flashing red… “Are we going to do this?” we are all asking.
“What had been a highly lucrative firm for a long time has suddenly become very unprofitable due to the inability to pivot on a dime.” We needed to make a lot of judgments.” Ken Lin is the CEO of Credit Karma.
As it became evident that the coronavirus had moved beyond China’s borders, with case counts increasing in Italy and South Korea, markets were anxious. The 500 dropped 3.5 percent on that day, kicking off a week-long sell-off in global stocks as the WHO warned that COVID-19 may quickly become a global pandemic.
“Needless to say, we all agreed that moving forward was the right option, and that all the externalities and unknowns at the time were irrelevant,” Lin added. “So we forged through with it, and the agreement was signed and announced.”
Credit Karma’s business had damaged by tightened credit markets by the time the purchase concluded a year ago, and the company had been compelled to liquidate its tax business after a Justice Department inquiry.
Credit Karma, which operates as a mostly independent unit within Intuit, has seen a dramatic rebound in its business in the past year, thanks in part to a reversal in the financial markets, but also to commercial adoption of its Lightbox decision-making engine and acceleration of consumer interest from Intuit product integrations.
However, owing to the reversal of financial markets and the commercial acceptance of Lightbox’s decision, Credit Karma, which runs as a nearly autonomous subsidiary inside Intuit, has witnessed a substantial comeback in sales in the year since. Integration with Intuit goods strengthens engines and attracts new customers. How Credit Karma performed in its first year under Intuit after bought amid the COVID saga – TechCrunch Link to the original source How Credit Karma performed in its first year under Intuit after bought amid the COVID debacle.
