American personal finance company Credit Karma is buying UK-based credit reporting service Noddle.
The financial details of the deal were not disclosed, but Credit Karma is acquiring Noddle from TransUnion, and will onboard all of its 35 employees. TransUnion is not taking any stake in the deal, which is still pending regulatory approval.
“We are proud to have partnered with Credit Karma from its inception to empower tens of millions of consumers with the information they need to make smarter financial decisions,” said John Danaher, TransUnion’s president of Consumer Interactive.
“This deal represents an expansion of our mission to the United Kingdom, and we look forward to supporting Credit Karma as they continue to expand globally.”
Credit Karma expansion
Valerie Wagoner, Credit Karma’s VP of International said the first thing Credit Karma is doing, after the acquisition completes, is making some paid services – free. That will 'align it closer with Credit Karma's business model', where scoring and monitoring services are free, and just partner financial services are getting charged for.
“We will make sure 100 percent of the business is free and accessible to everyone,” she said.
Next, Noddle's users will be offered Credit Karma's services, like automotive loans or mortgages, credit cards and refinancing offers.
TransUnion also acquired Noddle’s parent company Callcredit for £1bn earlier this year.