, the free credit score monitoring service, has acquired Approved, a San Francisco-headquartered mortgage platform. The two San Francisco-based companies did not make the terms of the transaction public.
Andy Taylor, Founder and CEO of Approved, announced the acquisition on his company’s blog.
“Working with Credit Karma gives us the resources and immediate scale to accelerate our mission-driven work, reaching significantly more homebuyers than we could have imagined when we started,” Taylor wrote. “It also doesn’t hurt that CK has amassed a team of some of the smartest, most creative and humble people we’ve ever met.”
Credit Karma Chief Product Officer Nikhyl Singhal told TechCrunch that he saw the acquisition as a logical next step for the company, which is popular with Millennials.
“As we’ve expanded, you’ve seen us move from credit cards as a way to help members with that part of their life to first personal loans to auto—meaning auto loans, auto insurance,” Singhal said. “Today, we’re really talking more publicly about mortgage. Mortgage being for many of our members the most important financial decision they’ll make … The acquisition is just the continuing effort of saying, ‘look, we’re serious about taking our scale and being that trusted destination for our members as it relates to helping them with their mortgage.’”