It seems that Google Capital, the venture arm of the search giant that focuses on later-stage growth for companies, is at it once again. After investing $40 million in ed tech company Renaissance Learning in February and $50 million into online real estate company Auction.com, Google Capital has now led a $85 million funding round for credit and financial website Credit Karma.
According to a release by CreditKarma.com, other participating companies in the round include Tiger Global and existing investors Ribbit Capital and Susquehanna Growth Equity. At the close of this round, Credit Karma has raised $118.5 million.
Since Credit Karma began in 2008, the company has offered credit score access to more than 20 million U.S. consumers. The company is perhaps best known for its aggressive television advertising campaigns, promising a “free credit score.” Unlike most online credit companies, which ensnare users by demanding a credit card number up front and then coaxing users into a subscription credit monitoring service, Credit Karma doesn’t take credit cards up front, but it does only offer a FAKO score — an estimation of the FICO credit score banks and other companies use to assess credit.
Credit Karma said in its release that it will use the money to invest “in new, free services to help consumers better understand and manage their finances and to make finding and applying for new financial services products intelligent and seamless.” And, with Google’s stamp of approval, it’s likely to continue growing ahead of its competition.