Financial services giant Inuit, which has products like TurboTax and Mint, is close to a deal to buy Credit Karma for US$7 billion.
There is a potentially significant business opportunity for Intuit if it completes a deal. For example, Intuit could try to match all the tax data its TurboTax customers provide with the credit-scoring data that Credit Karma holds.
That could let Intuit serve up better customer prospects to credit card issuers — and eventually let Intuit charge lenders more for access to its hoard of data.
The Democratic majority on the House Financial Services Committee unveiled a Bill aimed at getting big tech firms out of finance.
Wall Street was surprised when Apple chose to partner with Goldman Sachs. According to a new article by WSJ, other financial institutions like Citigroup and JPMorgan Chase offered their services to Apple as well.
Goldman can’t do it on its own either. It is new to consumer banking, having spent most of its 150-year history catering to big companies and billionaires. Without branches, it needs other ways to find customers for its online savings and lending business. Apple, too, needs new engines of growth as iPhone sales slow.