Latest News
Credit Karma to Acquire TransUnion´s UK-based Noddle Business
Wednesday 07 November 2018

7 November 2018 - US-based financial technology company Credit Karma is making its first move into Europe with an agreement to acquire US-based consumer credit agency TransUnion's (NYSE: TRU) Noddle business, which provides free, unlimited access to credit scores and reports to people in the UK, the company said.

Noddle's more than 35 employees in London and Leeds will join the Credit Karma family and, over the next 12 months, Credit Karma plans to more than double the workforce in the UK, significantly growing its presence in the country.

Noddle's more than 4m members will join Credit Karma, a technology platform that already helps more than 85m members in North America make financial progress.

The acquisition is subject to customary closing conditions, including approval from the UK Financial Conduct Authority, and is expected to close in late 2018 or early 2019.

Credit Karma will provide people in the UK with one of the most up-to-date and personalized experiences in the market, including complete access to their credit reports and scores from TransUnion as well as truly free services to help monitor and grow their credit.

Most importantly, Credit Karma will provide members with access to financial products best suited for their financial situation.

The expansion comes at a pivotal year for Credit Karma, which now serves more than 85 m members in the US and Canada.

Silver Lake Partners' recent USD 500m secondary investment saw an increase in the company's valuation to USD 4bn based on common stock and ranking it among the top fintech companies in the world based on valuation.

Noddle and its parent company, Callcredit, were acquired by TransUnion earlier this year. Upon completion of the deal with Credit Karma, Noddle will be wholly-owned by Credit Karma.

Founded in 2007 by Kenneth Lin, Nichole Mustard and Ryan Graciano, Credit Karma is a personal finance technology company with more than 85 m members in the United States and Canada, including almost half of all millennials.

The company offers a suite of products for members to monitor and improve credit health, prepare and file taxes, and provides identity monitoring and auto insurance estimates.

Credit Karma leverages advanced data modeling to analyze and identify the best financial products for its members and has facilitated more than USD 40bn in credit lines across financial products like credit cards, personal loans, mortgage refinancing, automotive financing and student loan refinancing.
Details
Date Published: 07/11/2018
Target: Noddle
Country: UK
Sector: IT/Online Services
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor: TransUnion
Buyer: Credit Karma
Comment:
Terms of the deal were not disclosed

Options