The highly popular consumer technology platform Credit Karma has integrated Credit Karma Money with Intuit QuickBooks Online Payroll.
American consumers pay more than $7 billion in banking fees each month. Through this integration, Credit Karma and QuickBooks hope to keep more money in the pockets of small business employees, giving them the option to deposit their paycheck into a Credit Karma Money Spend account.
Now, employees paid through QuickBooks Payroll can seamlessly sign up to have their paycheck automatically deposited into a Credit Karma Money account.
In the fiscal year 2020, QuickBooks Payroll products processed payments for over 15 million employees, accounting for more than $208 billion in payroll annually.
This initial integration with QuickBooks Online Payroll will enable Credit Karma to rapidly scale Credit Karma Money, the company’s biggest venture to date, while also giving employees paid through QuickBooks Payroll a better way to spend, save and manage their money.
“When we joined forces with Intuit, we knew there would be opportunities for our businesses to partner to build a more holistic financial ecosystem for members to manage all aspects of their finances all in one place and their paycheck is a major part of that. This integration will enable us to reach small businesses and provide their employees, many of whom are living paycheck to paycheck, with a better overall checking and saving experience.”Ken Lin, Founder and CEO of Credit Karma.
Credit Karma Money
Credit Karma Money is a money experience that offers free-to-open checking and savings accounts with no credit checks, no minimum balance to open, and no hidden fees, along with access to a fee-free network of over 55,000 ATMs nationwide for members with Spend accounts.
Customers who sign up for Credit Karma Money Spend will also have access to features like Instant Karma™, which incentivizes good spending behavior by giving members a chance to win back their money when they spend cash they already have in their accounts.
Employees can now opt to deposit their paycheck into Credit Karma Money through their employee portal, QuickBooks Workforce, which gives them on-demand access to their pay stubs, hours worked and W2s.
QuickBooks Desktop Payroll
In the coming months, Credit Karma Money will also integrate with QuickBooks Desktop Payroll. This provides even more small business employees with the option to open a Credit Karma Money Spend or Save account, including the potential for some employees to receive paychecks up to two days before their designated payday.
“More than 70 percent of employees paid through QuickBooks Online Payroll are hourly wage earners who make less than $50,000 a year. The integration between Credit Karma Money and QuickBooks Payroll will make it easy for small business employees to manage their money and keep more money in their pockets.”Laurent Sellier, Vice President and Business Leader, Intuit QuickBooks Online Payroll.
This marks the second integration since the close of Intuit’s $8.1 billion acquisition of Credit Karma, and the latest example of the companies partnering to deliver a more integrated product experience for their customers, quickly and at scale.
Credit Karma is an independent third-party and is not a bank. The Credit Karma platform facilitates the opening and managing of Spend and Save accounts offered through its bank partner, MVB Bank, Inc., Member FDIC.
Founded in 2007, Credit Karma has over 100 million U.S. members using its financial service.
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