Credit Karma takes $175M to expand personal finance services

The personal finance company Credit Karma today announced that it’s taken a new $175 million late-stage investment to fuel the expansion of its online consumer financial services offering.

The funding comes from Tiger Global Management, Valinor Management, and Viking Global Investors LP.

Credit Karma says it wants to add new services like student loan consolidation and customized insurance quotes to its current credit score monitoring offering.

Credit Karma, which now has some 40 million members, believes it has enough data to offer members critical financial advice. “Today, no one tells you when your credit rating goes up or when a lower interest rate is available for your loan,” said Credit Karma CEO Ken Lin in a statement.

“We’ll soon be able to let people know when they have an opportunity to save money and if they’ll be approved, with new levels of certainty,” Lin said. “Better yet, they only need to share their complete application when absolutely necessary, usually after knowing whether or not they’re approved.”

San Francisco-based Credit Karma has now raised a total of $368.5 million in venture capital.