Credit Karma Money expands to small business employees through Intuit QuickBooks Integration

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redit Karma, the consumer technology platform with more than 100 million members in the US, has announced its integration of Credit Karma Money and Intuit QuickBooks Online Payroll, an online payroll provider for small businesses.

Consumers pay more than $30bn in banking fees each year. Through the integration, Credit Karma and QuickBooks hope to keep more money in the pockets of small business employees, giving them the option to deposit their paycheque into a Credit Karma Money Spend account. 

Employees paid through QuickBooks Payroll can now sign up to have their paycheque automatically deposited into a Credit Karma Money account. In fiscal year 2020, QuickBooks Payroll products processed payments for more than 15 million employees, accounting for more than $208bn in payroll annually.

This initial integration with QuickBooks Online Payroll will enable Credit Karma to rapidly scale Credit Karma Money, the company's biggest venture to date, while also giving employees paid through QuickBooks Payroll a better way to spend, save and manage their money.

“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 Credit Karma CEo and founder Ken Lin.

“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.”

Credit Karma Money 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.