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FICO plans to release a new broad-based scoring model this summer that helps lenders analyze a consumer's credit risk with greater accuracy. This product launch will represent FICO's first changes to its scoring model in six years, said Anthony Sprauve, senior consumer credit specialist at FICO.
March 7
Credit Karma has raised $85 million in equity funds from Google Capital and existing investors Tiger Global, Ribbit Capital and Susquehanna Growth Equity.
To date, the San Francisco-based online consumer finance company, which provides free credit scores and credit monitoring to more than 20 million U.S. consumers, has raised a total of $118.5 million.
Over the past year the company has reported triple-digit growth in revenue, membership and headcount, according to co-founder and Chief Executive Ken Lin. The company plans to use the additional capital to hire staff and "invest heavily" in new products and services that will help consumers better understand and manage their finances, he said.
