Square Agrees to Buy Credit Karma's Tax Preparation Service for $50M

Cash App will make the DIY tax-prep software available for free to its 30 million monthly users.

AccessTimeIconNov 25, 2020 at 3:55 p.m. UTC
Updated Sep 14, 2021 at 10:35 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Payments company Square said Wednesday it will buy Credit Karma's tax business for $50 million and integrate it into its Cash App, a major hub for bitcoin sales.

Cash App will make Credit Karma's do-it-yourself tax-preparation software available to its 30 million monthly users for free, Square said. Those users already send payments, manage credit cards, invest in stocks and increasingly purchase bitcoin from the popular app.

Credit Karma is selling the operations as a condition to gain U.S. Department of Justice approval for its $7.1 billion acquisition by Intuit.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.