Credit Karma raises $118.5 million in capital to provide new services

Credit KarmaCredit Karma announced earlier this month that it has raised $118.5 million in funding from Google Capital, Tiger Global, Ribbit Capital and Susquehanna Growth Equity that it will use to provide new, free services aimed at helping consumers improve their finances.

The company, which was launched in 2008 and provides credit score information to 20 million U.S. consumers, posted triple-digit growth in membership, revenue and headcount last year.

In addition to developing new services for its members, Credit Karma will also use the funding to boost employee hiring to meet its goal.

“Consumers want a trusted, secure service to provide personalized financial information that is easy to understand,” Google Capital Partner David Lawee, who will join Credit Karma’s board of directors, said. “Credit Karma delivers on these extremely high expectations at no cost to consumers. They have established a trusted brand that brings an unprecedented level of transparency to the market. We’re excited to see what’s ahead for the company and to become partners in that vision.”

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