Business

THE NEWS WRAP: Personal finance startup Credit Karma raises $US75 million from late-stage investors

Kye White /

Personal finance startup Credit Karma has raised $US75 million ($A86 million) in growth funding from major late-stage investors, The Wall Street Journal reports.

 

Previous investors Google Capital, TIGER Global Management and Susquehanna Growth Equity contributed to Credit Karma’s new financing, which valued the company at more than $US1 billion.

 

The startup, which chief executive Ken Lin describes as “Expedia for financial services”, provides free credit reports and helps consumers search for favourably priced financial products, such as credit cards, loans or mortgages.

 

Google Capital makes first Chinese investment

 

Google-backed growth equity fund Google Capital has made its first foray into China.

 

The firm, along with Chinese venture capital firm Lightspeed China Partners, co-led a Series C round totalling $US38 million ($A43.6 million) into a Suzhou-based business InnoLight Technology Corp, a manufacturer of high-speed optical transceivers that are used by computer servers.

 

The move means Google joins some of China’s largest companies including Baidu, Alibaba, and Tencent Holding as a strategic investor in Chinese startups. Previously, Google Capital’s investments had centred on the US.

 

Zalando worth $6.8 billion after pricing IPO at $27 a share

 

Europe’s largest online-only fashion retailer Zalando has priced its shares at $US27 ($A31) ahead of the company’s upcoming initial public offering, sources told Forbes.

 

The pricing values the company at $US6.8 billion. At that price the Berlin company will raise at least $US668 million in the largest Germany tech public offering since 2000.

 

Overnight

 

The Dow Jones Industrial Average is down 41.93 to 17,071.22. The Australian dollar is currently trading at US87 cents.

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Kye White

Kye began his career at a Fairfax daily on the North-West Coast of Tasmania. He has since taken his belongings, and keen interest in technology, to Melbourne. He has a bachelor of Arts majoring in Political Science from the University of Tasmania and a Graduate Diploma in Journalism from RMIT University.

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