March 12 (Bloomberg) -- Google Inc.’s investment unit expanded its backing of online financial services, leading an $85 million funding round for Credit Karma Inc., a site for tracking credit scores.
Tiger Global also participated, along with existing investors Ribbit Capital and Susquehanna Growth Equity, San Francisco-based Credit Karma said today in a statement. The money will be used to speed hiring and provide more services for consumers to manage their finances, the company said.
Google Capital, which invests in more mature companies than the search engine’s venture capital arm, has led five deals since its 2013 debut, including three in the past month. The unit’s first investment in financial services was in May, in LendingClub Corp., the biggest U.S. online peer-to-peer lender.
Last month, Google Capital invested $40 million in Web education company Renaissance Learning Inc., and last week provided $50 million to online real estate auction firm Auction.com LLC. Google, based in Mountain View, California, has about $60 billion in cash and equivalents.
Credit Karma, founded in 2008, said it’s used by more than 20 million U.S. consumers to access their credit scores. The service generates revenue through ad-based offers from sponsorship partners. Credit Karma has raised a total of $118.5 million.
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