- Square, Inc. is to acquire Credit Karma’s tax business, Credit Karma Tax, for $50m in cash
- The completion of this transaction subject to customary closing conditions and expected before the end of 2020
- The deal agreed on behalf of Cash App, the company’s financial services app that allows individuals to spend, send, store and invest money
- Credit Karma Tax provides a free, do-it-yourself tax filing service for consumers and the acquisition provides a chance to further digitize
- In the third quarter of 2020, Cash App generated $385 million in gross profit or more than $1.5 B on an annualized basis
- With offices in the United States, Canada, Japan, Australia, Ireland, Spain, and the UK, Square provides tools for businesses to reach buyers online and in-person
