American fintech Credit Karma has completed its previously announced acquisition of Noddle credit scoring service from TransUnion.
The transaction was completed following the receipt of approval from the UK’s Financial Conduct Authority (FCA).
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The deal, first announced in November last year, mark Credit Karma’s entry into the UK market. Financial terms of the acquisition were not divulged.
Launched in 2011, Noddle provides free-for-life credit reporting and monitoring service to the customers. It is said to have more than four million users in the UK.
The ownership of Noddle was passed onto TransUnion, as a part of its acquisition of Callcredit last year.
TransUnion president of consumer interactive John Danaher said: “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.
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By GlobalData“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 has more than 85 million members in the US and Canada. It focuses on providing personal information monitoring and financial health improvement products to its members.
Credit Karma co-founder and chief revenue officer Nichole Mustard said: “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 U.K. and open new offices in Leeds and London.”
