Credit Karma has announced its integration of Credit Karma Money and Intuit QuickBooks Online Payroll.
Through this integration, Credit Karma and QuickBooks hope to keep more money in the pockets of hard working small business employees, giving them the option to deposit their paycheck into a Credit Karma Money Spend account.
Employees can now opt to deposit their paycheck into Credit Karma Money through their employee portal, QuickBooks Workforce, which gives them on-demand access to their pay stubs, hours worked and W2s. In the coming months, Credit Karma Money will also integrate with QuickBooks Desktop Payroll, providing even more small business employees with the option to open a Credit Karma Money Spend or Save account and, for some, the potential to receive paychecks up to two days in advance of their designated payday.
Credit Karma Money is a money experience that offers free-to-open checking and savings accounts with no credit checks, no minimum balance to open and no hidden fees, along with access to a fee-free network of more than 55,000 ATMs nationwide for members with Spend accounts.
“When we joined forces with Intuit, we knew there would be opportunities for our businesses to partner to build a more holistic financial ecosystem for members to manage all aspects of their finances all in one place and their paycheck is a major part of that,” said Ken Lin, Founder and CEO of Credit Karma. “This integration will enable us to reach small businesses and provide their employees, many of whom are living paycheck to paycheck, with a better overall checking and saving experience.”
“More than 70 percent of employees paid through QuickBooks Online Payroll are hourly wage earners who make less than $50,000 a year,” said Laurent Sellier, Vice President and Business Leader, Intuit QuickBooks Online Payroll. “The integration between Credit Karma Money and QuickBooks Payroll will make it easy for small business employees to manage their money and keep more money in their pockets.”
This marks the second integration since the close of Intuit’s $8.1 billion acquisition of Credit Karma, and the latest example of the companies partnering to deliver a more integrated product experience for their customers, quickly and at scale.
