TurboTax maker Intuit nears agreement to buy Credit Karma for $7 billion

The new Form 1040 tax form for individuals, released by U.S. Treasury Department, is shown in this handout image obtained June 29, 2018. Department of the Treasury

Intuit Inc is nearing an agreement to buy financial technology portal Credit Karma Inc for about $7 billion, the Wall Street Journal reported.

The deal in cash and stock, which will push Intuit further into consumer finance, could be announced by Monday, the Journal reported, citing people familiar with the matter.

According to the deal, Credit Karma will function as a stand-alone business with its chief executive, Kenneth Lin, remaining in charge, the newspaper said.

Intuit did not immediately respond to a Reuters request for comment early on Sunday. Credit Karma, which is backed by funders including private-equity firm Silver Lake and financial-technology venture firm Ribbit Capital, declined to comment.

Mountain View, California-based Intuit went public in 1993, a decade after it was founded. It is the maker of TurboTax, an online software used by millions to file taxes.

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