Credit Karma raises $30M in funding

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Consumer finance startup Credit Karma, led by Ken Lin, has raised $30 million in Series B funds.

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Cromwell Schubarth

Senior Technology Reporter- Silicon Valley Business Journal

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Consumer financial startup Credit Karma said on Tuesday it has raised $30 million in Series B funds to help it expand.

The San Francisco company led by CEO Ken Lin said the round was led by Palo Alto-based Ribbit Capital, a venture firm focused on the financial services industry, and Susquehanna Growth Equity with participation from existing investor Palo Alto-based Felicis Ventures.
The financing brings the total raised by Credit Karma to $33.5 million.
The company said that its revenue is up 4,000 percent since its Series A announcement in 2009. In that time Credit Karma said that it has registered 10 million new members who use its free financial online tools. In addition to the desktop version, Karma is also available on the Android and iOS platforms.
The company said it plans to use the capital to develop new products and services, expand into new verticals and markets, increase headcount and expand its infrastructure and resources.
As a result of the funding, Micky Malka, founder and general partner of Ribbit Capital, and Scott Feldman, Susquehanna Growth Equity director, will join Credit Karma's board of directors.
Click here to read the press release from Credit Karma.
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Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.