... [+]OBSERVATIONS FROM THE FINTECH SNARK TANK
The logic of the deal from the Intuit is clear. With revenue pressure on it tax preparation business, Charles Potts, SVP and Chief Innovator Officer at the Independent Community Bankers of America notes that: From a business perspective, Banno founder Wade Arnold told me, “No other company has been as successful in financial services cross-sales as Credit Karma. Leveraging these capabilities and culture across Intuit’s fee-based properties would increase revenue and allow marginally decreasing fees to alleviate external competition.”About 10 years ago, my boss at the time came to me and asked which financial services firm I thought was the best candidate to disrupt the industry. My answer was Intuit.
Not that all of its small business-related acquisitions worked out either, for that matter. In 2015, Intuit sold off Dreamforce, online marketing and communication software for small businesses, which it had acquired in 2012. And it took a big step towards serving the provider side with its 2018 acquisition of Approved, a mortgage platform servicing banks and mortgage brokers.
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