Square is going to spend $50mn on Credit Karma’s tax filing arm.
In Brief:
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It will enable Square to add “DIY” tax filing to its Cash App.
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Square wants to expand the tools available on Cash App which currently include P2P payments and direct deposits.
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The news comes as Intuit’s acquisition of Credit Karma has been given the go-ahead.
What does this mean?
Cash App was founded to provide financial tools to those who are underserved by the traditional financial services market. Brian Grassadonia, Cash App lead, says the platform is “constantly looking to redefine our customer’s relationship with money by making it more relatable, instantly available, and universally accessible”.
