US fintech enters UK market with Noddle acquisition

TransUnion is continuing to offload non-core businesses acquired through its £1bn purchase of Callcredit by completing the sale of the free-for-life credit reporting and monitoring service Noddle to US fintech Credit Karma, which will use the deal as a springboard into the UK market.
Credit Karma has more than 85 million customers in the US and Canada and offers a range of free personal information monitoring and financial health improvement products. The deal, which was first announced late last year, has now received approval from the UK’s Financial Conduct Authority.
Credit Karma co-founder and chief revenue officer Nichole Mustard said: “Now that the deal has closed, we can get to the real work of championing financial progress for our members in the UK. To do this, we’re investing heavily in our in-market offering and scaling up significantly. We’re looking to triple the team in the UK and open new offices in Leeds and London.”
TransUnion president of consumer interactive John Danaher added: “We are confident that the business prosper under new ownership. UK consumers will continue to benefit from the free information monitoring and financial health solutions offered through Noddle, and TransUnion will continue to provide Noddle with credit reporting information.”
Earlier this month, TransUnion also disposed of one of Callcredit’s first acquisitions, agency Latitude, to global digital shop Jellyfish.
TransUnion bought Callcredit Information Group for £1bn in April last year, initially rebranding “TransUnion, formerly Callcredit” until it moved to simply TransUnion late last year.