TransUnion, the global risk and information solutions provider, is to sell its Noddle business, the free-for-life credit reporting service, to Credit Karma.
TransUnion acquired Noddle earlier this year as part of its acquisition of Callcredit, the second largest credit reference agency in the UK.
John Danaher, TransUnion’s president of consumer interactive, said: “TransUnion is excited to bring these companies together.
“Noddle and Credit Karma are well matched, both embracing a consumer-first approach to offering free information monitoring and financial health solutions.
“We are confident the business will continue to thrive under its new ownership and that this divestiture is a positive move for all parties, including UK consumers.”
Credit Karma is a personal finance technology company with more than 85 million members in North America, including almost half of all millennials.
The company offers a range of personal information monitoring, as well as financial health improvement products that are free for members. Credit Karma said its growth in the US and Canada has been largely through offering award-winning user experience and free access to actionable tools that help their members make the most of their money.
Kenneth Lin, CEO and founder of Credit Karma, said: “Our mission is to help people make financial progress, and that extends beyond North America.
“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.”
The sale is anticipated to close later this year or early 2019.