Credit Karma introduces Industry-first enterprise Platform Aimed at Transforming the Lending Process
Credit Karma, one of the world’s highest-valued financial technology companies, has launched Marketplace, an innovative new feature that allows Credit Karma members to shop for financial products with more certainty, transparency and simplicity. Marketplace shows Credit Karma’s more than 85 million members financial products – including credit cards and loans – that they are pre-approved for at 90% odds, helping them compare different product options and making it easier to apply. All of this is done in an instant, without impacting members’ credit scores.
Powering Marketplace is an industry-first enterprise platform that connects members to lenders in an entirely new way. The platform allows lenders to combine their proprietary modeling expertise with Credit Karma’s large-scale member data assets in a secure, third-party cloud-hosted model development environment that keeps the partner’s targeting rules confidential to the partner. This enables Credit Karma’s partners to easily create, target and present pre-approved offers to qualified members. Partners can also manage and make changes to their offers directly within the platform. Credit Karma then leverages machine learning algorithms to present the most relevant offers to its members.
Marketplace offers filter and sort options to narrow choices using specific attributes, like travel or cash back rewards, sign up bonuses, and annual fee. It also has research tools like real user reviews, expert articles, and Credit Karma Editors’ Take: independent reviews from Credit Karma editors. The goal is to help members make decisions confidently by being a one-stop-shop for financial products.
Credit Karma offers its members free access to credit scores and reports, along with additional tools to help its members manage, monitor and improve their financial health. Marketplace is another example of that. The company serves more than 85 million members in the U.S. and Canada and has just announced its expansion into the U.K., furthering its mission of championing financial progress for everyone.
About 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 million 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 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 $40 billion in credit lines across financial products like credit cards, personal loans, mortgage refinancing, automotive financing and student loan refinancing.
Source: Credit Karma Press Release