Credit Karma Introducing Net Worth Tool Built with Mint
Credit Karma Net Worth app

Credit Karma Introducing Net Worth Tool Built with Mint

This week, Credit Karma announced that it was introducing a Net Worth tool. In a press release, the company said that the addition is part of their goal to become “a full-service personal finance management platform.” The new feature will apparently begin rolling out to users with credit scores of 720 or higher but they hope to eventually expand it to a larger population.

According to Credit Karma, this initial version of the Net Worth tool will mostly focus on helping customers understand the components of their net worth, while also allowing them to track their progress. However, in the future, the service has plans to evolve the feature to help guide members on a path toward increasing and protecting their wealth by offering investment insight and portfolio diversification advice. Notably, in order to build the Net Worth tool, Credit Karma works with fellow Intuit business Mint

Commenting on the new feature, Credit Karma founder and CEO Kenneth Lin said, “Credit Karma’s mission is to champion financial progress for all, but we know that financial progress looks different for everyone. This next evolution of Credit Karma will combine the expertise and momentum generated by Mint with Credit Karma’s scale and technology, and enable us to help more Americans, in particular those who are faced with a new set of financial challenges and are looking to elevate and protect their net worth.”

Meanwhile, Mint GM Ryan Steckler stated, “Net Worth was built for U.S. consumers who have already made significant progress on their credit score and are looking for that next financial health indicator to track and take action on, as they continue their financial journey. Before we can help consumers grow their net worth, we’ve built a seamless product experience that gives consumers a holistic view of all of their financial accounts, directly within the Credit Karma app.”

The initial launch of Credit Karma’s Net Worth tool happens to come as a popular platform that also helps consumers track their wealth has undergone a rebranding. This month, Personal Capital changes its name to match its parent company, Empower. Specifically, the tool is referred to as Empower Personal Dashboard on the site. Akin to what Credit Karma seemingly intends on building, Empower Personal Dashboard not only allows customers to track and monitor their net worth but also includes such features as a retirement account fee analyzer to help them understand how much of their investment gains are lost to fees.

On the one hand, adding this Net Worth tool makes a lot of sense for Credit Karma as it already houses several other financial tools. However, in this pursuit to be a “full-service personal finance management platform,” one must wonder what this means for Mint going forward — especially if Intuit is promoting Mint’s involvement in this project and titling a section of their press release “Building on Mint’s Success.” Could we eventually see the two services fully folded into one? It doesn’t seem so far-fetched now. In any case, we’ll have to wait and see how Credit Karma’s Net Worth tool is received and what lies ahead for the platform.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...