Credit Karma, the San Francisco-based consumer technology firm, today confirmed that it is opening a new office in Leeds after completing a major corporate deal.
The company revealed that it had completed the acquisition of Noddle from Leeds-based TransUnion.
TransUnion, which was formerly known as Callcredit, said the deal had gained approval from the Financial Conduct Authority (FCA).
Noddle is a free-for-life credit reporting and monitoring service.
“We are pleased to have completed the sale of Noddle to Credit Karma, further to regulatory approval, and we are confident that the business will continue to prosper under new ownership,” said John Danaher, TransUnion’s president of Consumer Interactive. He added: “UK consumers will continue to benefit from the free information monitoring and financial health solutions offered through Noddle, and TransUnion will continue to provide Noddle with credit reporting information.”
Credit Karma is a consumer technology company with 85 million members in the US and Canada.
The company currently offers a range of personal information monitoring and financial health improvement products in the US and Canada that are free for members.
Nichole Mustard, co-founder and chief revenue officer of Credit Karma, added: “Now that the deal has closed, we can get to the real work of championing financial progress for our members in the UK.
“To do this, we’re investing heavily in our in-market offering and scaling up significantly.
“We’re looking to triple the team in the UK and open new offices in Leeds and London.”
TransUnion acquired Noddle in 2018 as part of its acquisition of Callcredit, the second largest credit reference agency in the UK.
Speaking last year, Kenneth Lin, the CEO and founder of Credit Karma, said, the company’s mission was to help people make financial progress, and that extends beyond North America.
He added: “For over a decade, we’ve enabled our members in the US and Canada to take control of their finances by giving them free access to their financial information.
“We’re confident the acquisition of Noddle will help us deliver on our mission in the UK and welcome the opportunity to expand our partnership with TransUnion globally.”
Credit Karma was founded in 2007 and grew rapidly. By 2010, it had secured one million members and the company added full credit reports to its services in 2014. In 2016 Credit Karma’s membership hit the 60 million mark.
Mr Lin also founded Multilytics Marketing in 2006.
Leeds was recently praised in a report showing how regional cities are competing head to head with European capitals when it comes to tech sector growth.
The city has two unicorns in the shape of Sky Betting & Gaming, which was sold for £3.4bn to larger rival The Stars Group in 2018 and the former Callcredit business, which was sold to TransUnion for £1bn last year.
Looking further ahead the study, from Tech Nation and the Government’s Digital Economy Council, showed that the UK also leads Europe by number of potential future unicorns.
TransUnion has around 800 staff in the UK, the majority of which are based in Leeds, and more than 7,000 in total around the world.