Consumer technology platform Credit Karma announced Wednesday (Aug. 18) it has integrated its Credit Karma Money program with QuickBooks’ online payroll service.
Credit Karma says the integration is designed to keep more money in the pockets of small business employees — many of whom live paycheck to paycheck — who will now get the option of having their pay deposited into a Credit Karma Money Spend account.
“In fiscal year 2020, QuickBooks Payroll products processed payments for more than 15 million employees, accounting for more than $208 billion in payroll annually,” the company said in a news release.
“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.”
Credit Karma Money Spend customers will also gain access to features such as the company’s Instant Karma program, which rewards good spending habits by giving members a chance to win back their money when they make purchases with cash that’s already in their accounts.
In an interview with PYMNTS last week, Credit Karma General Manager of Assets and Tax Poulomi Damany spoke about the company’s goal of helping people improve their credit scores.
To that end, Credit Karma launched a new bill pay feature aimed at ensuring timely payments. Damany said the feature is designed to help people move beyond just living paycheck to paycheck to a point where they can save and build wealth.
“A big piece of your daily spend is paying bills, so we thought, ‘how can we tie these two ideas together?’” Damany said.
Credit Karma says that in the coming months, Credit Karma Money will integrate with QuickBooks Desktop Payroll, giving more small business workers the chance to start a Credit Karma Money Spend or Save account. In some cases, workers will get the option of getting their paychecks two days in advance.