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Why is it shutting down? Kinda crazy to me that one of the biggest names in personal budgeting couldn't find enough value for its stakeholders. And how is Cre

Why is it shutting down? Kinda crazy to me that one of the biggest names in personal budgeting couldn't find enough value for its stakeholders. And how is Credit Karma not just a feature they could bolt on to Mint as a "Credit" tab. All of this is prob just weird organizational convection forces inside the Intuit megacorp rather than anything that's going to make practical sense.

toomuchtodo 3y ago
Credit Karma is a better funnel to credit providers (cards and loans). They are a credit broker. They make money when they refer a customer to someone issuing credit. When you provide them access to your credit information, that is used by partner models to credit decision. EDIT: This is likely a cost efficiency effort, sunsetting what is underperforming and bolstering support for more profitable ventures. https://www.creditkarma.com/about/partners https://www.creditkarma.com/about/partners https://www.creditkarma.com/about/personal-loan-disclaimers https://www.creditkarma.com/about/personal-loan-disclaimers
enumjorge 3y ago
> Kinda crazy to me that one of the biggest names in personal budgeting couldn't find enough value for its stakeholders. The downside of getting acquired by a large company is that they want large-sized business. Lots of medium and small sized products that would be very viable on their own end up getting shut down because in the context of their parent company, they don't make sense.
manicennui 3y ago
I'm sure Credit Karma makes far, far more money as a lead provider to lenders.
devrand 3y ago
It must be quite expensive to maintain. It predates Plaid, so unless they migrated, they're maintaining all the scraping logic and the services to actually do it. The credit card ads are probably not generating enough revenue to justify the upkeep.
adamredwoods 3y ago
The CEO from Monarch gives a nice insight in a blog post: https://www.monarchmoney.com/blog/mint-shutting-down https://www.monarchmoney.com/blog/mint-shutting-down

toomuchtodo 3y ago

Credit Karma is a better funnel to credit providers (cards and loans). They are a credit broker. They make money when they refer a customer to someone issuing credit. When you provide them access to your credit information, that is used by partner models to credit decision. EDIT: This is likely a cost efficiency effort, sunsetting what is underperforming and bolstering support for more profitable ventures. https://www.creditkarma.com/about/partners https://www.creditkarma.com/about/partners https://www.creditkarma.com/about/personal-loan-disclaimers https://www.creditkarma.com/about/personal-loan-disclaimers

enumjorge 3y ago

> Kinda crazy to me that one of the biggest names in personal budgeting couldn't find enough value for its stakeholders. The downside of getting acquired by a large company is that they want large-sized business. Lots of medium and small sized products that would be very viable on their own end up getting shut down because in the context of their parent company, they don't make sense.

manicennui 3y ago

I'm sure Credit Karma makes far, far more money as a lead provider to lenders.

devrand 3y ago

It must be quite expensive to maintain. It predates Plaid, so unless they migrated, they're maintaining all the scraping logic and the services to actually do it. The credit card ads are probably not generating enough revenue to justify the upkeep.

adamredwoods 3y ago

The CEO from Monarch gives a nice insight in a blog post: https://www.monarchmoney.com/blog/mint-shutting-down https://www.monarchmoney.com/blog/mint-shutting-down