Fast Company profiles Kenneth Lin, who immigrated from China with his parents at age 4. Having raised over $386m since inception, Credit Karma is now embarking on mortgage refinancing recommendations. The company estimates that 20% of U.S. mortgage debt is represented on the Credit Karma platform.
“The secret sauce of Credit Karma is relevance,” he says. “What we found is that the more specific you could get, the more apt people were to listen to your advice.” Mortgages will embody that precisely honed approach to targeting: “You’re not going to receive an email just because you have a mortgage. You’re going to receive an email if we have a high degree of confidence that you’ll benefit from refinancing.” Layering in tax return data for users who file via Credit Karma will make the company’s degree of confidence in its mortgage suggestions even more robust.