HEALTHTECH SECURITY

Intuit to Acquire Financial Health Startup SeedFi

Intuit | December 02, 2022 | Read time : 03:00 min

Intuit to Acquire

Intuit the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced it has entered into an agreement to acquire SeedFi, the partner behind Credit Karma’s Credit Builder1, which helps low, or no-credit borrowers build credit while saving money, all for free. Credit Builder offers a line of credit and a secured savings account enabling members to build their credit while building up savings. By combining SeedFi’s Credit Builder technology with Credit Karma’s long standing relationships with credit bureaus and others in the credit ecosystem, Intuit will be able to move with greater speed and scale to help Credit Karma members make financial progress.

Late last year, Credit Karma entered into a partnership with SeedFi to offer Credit Builder to its members, enabling them to make regular payments, starting with as little as $20 per month or $10 per paycheck. By reporting these payments to the credit bureaus, members took steps toward improving their financial health. Through this partnership, members increased their score by an average of 21 points in as little as 30 to 45 days2 and built up over $10 million in savings. This acquisition will enable Credit Karma Money to continue to build on that momentum and help put more members on a path to financial security.

Credit Karma Money was built to change consumers’ relationship with money and help them develop responsible financial habits, like staying on top of their bills and spending within their means. With Credit Builder, we are able to differentiate ourselves as one of the best accounts for building credit. We have long standing relationships with credit bureaus and others in the credit ecosystem, and SeedFi has built great technology, so when combined, we will move even faster and build products to help more members, including those who need it the most.”

Poulomi Damany, SVP and GM for Credit Karma Money and Tax

A recent study from the Consumer Financial Protection Bureau showed that nearly three-quarters of Americans with no emergency savings have credit scores below 660. The correlation between low credit scores and lack of emergency savings persists over time, and SeedFi takes that problem head-on. Similar to Credit Karma, SeedFi’s mission is to break the cycle of debt and help Americans realize their financial potential.

“We have already been working with the Credit Karma Money team for over a year to help members build their credit score and have been impressed with how Credit Karma’s mission comes through in everything the company does. SeedFi has a similar mission to help consumers become financially fit, so joining forces just makes sense,” said SeedFi co-founder and CEO Jim McGinley. “Together, leveraging Credit Karma’s resources and scale, we will be able to accelerate the momentum of Credit Builder and SeedFi’s technology capabilities to help more consumers improve their financial health.”

The transaction between Intuit and McBurberod Financial, Inc. which does business as SeedFi, is subject to closing conditions, and is expected to close in the coming months. Upon close, SeedFi will become part of Intuit’s Credit Karma business. The transaction is not expected to have a material impact on Intuit’s operating results for the full fiscal year 2023. Terms of the transaction have not been disclosed. Intuit Ventures was an investor in SeedFi’s last financing round.

About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.

About Credit Karma
Founded in 2007 by Ken Lin, Credit Karma, an Intuit company is a consumer technology company with nearly 130 million members in the United States, U.K. and Canada, including almost half of all U.S. millennials. While best known for pioneering free credit scores, the company’s members turn to Credit Karma for everything related to their financial goals, including identity monitoring, applying for credit cards, shopping for loans  auto insurance, savings accounts and now checking accounts through our bank partner, MVB Bank, Inc., Member FDIC — all for free.

Spotlight

Power the future of routine surgeries. High-quality imaging, high uptime and efficient workflow in a powerfully compact design.

Spotlight

Power the future of routine surgeries. High-quality imaging, high uptime and efficient workflow in a powerfully compact design.

Related News

DIGITAL HEALTHCARE, HEALTHCARE ANALYTICS

SYNERGEN Health and PreciseMDX Announce Strategic Partnership to Provide Best-in-Class Digital Revenue Cycle Solution & Services

Businesswire | April 21, 2023

SYNERGEN Health, an industry-leading provider of technology-enabled revenue cycle services and solutions for healthcare organizations, and PreciseMDX, a technology provider offering best-in-class lab management software that empowers and connects labs, care providers, and patients, today announce their strategic partnership to provide laboratories and diagnostics with a seamless, end-to-end revenue cycle solution to bolster operational efficiencies, scalability, and growth. The collaboration between these two leading healthcare technology companies serves to enhance new and existing client relationships and drive long-term engagements. PreciseMDX provides lab businesses with a streamlined digital experience for testing and population health management, creating a seamless consumer experience while enhancing business intelligence and reducing costs. Under the partnership, SYNERGEN Health's comprehensive revenue cycle management services will be integrated with PreciseMDX's enterprise Lab Business Management Solution (LBMS). Combined, SYNERGEN Health and PreciseMDX will drive measurable value for clients by implementing sustainable improvements that reduce costs, maximize cash flow, and enhance the patient-provider experience. "Labs across the U.S. are suffering from a lack of RCM integration and automation capabilities. That, coupled with an increase in denials for missing information and prior authorization, uncovered an innovation gap in the market that we sought to address," said Duminda Gunawardena, Co-Founder and Managing Partner at SYNERGEN Health. "Together with PreciseMDX, we’re offering labs the best digital revenue cycle management solution in the market, capable of improving financial performance and focusing on delivering high-quality patient care. With our combined domain expertise, we are expanding our innovative service offerings to not only improve patient experiences but optimize the payer-provider relationship." The SYNERGEN Health-PreciseMDX partnership addresses the challenges of data quality by automating the correction and completion of patient and insurance data. This enables labs of any size to reduce cumbersome manual tasks on the back end and streamline the revenue cycle management process while attracting new clients by improving the entire end-to-end lab diagnostic journey. "We are thrilled to partner with SYNERGEN Health to support labs as they streamline their operations alongside an increasing demand for services," said Mark Dorner, Co-Founder and CEO of PreciseMDX. "With robust interoperability capabilities, PreciseMDX easily integrates with LIS, EHR, and revenue cycle systems like SYNERGEN to deliver real-time business metrics and KPIs to scale operationally regardless of case volumes." About SYNERGEN Health Founded in 2011, SYNERGEN Health is a pioneer in technology and data-driven revenue cycle transformation for the U.S. healthcare industry. SYNERGEN Health provides complete revenue cycle services, advanced analytics, payment solutions, machine learning, robotic process automation, consulting services, and other software solutions. SYNERGEN Health was named to the Inc. 5000 list of the fastest-growing private companies in the U.S. for the seventh time and has been recognized with recurring industry honors from leading organizations such as Gartner, KLAS and Becker. In 2023, SYNERGEN Health successfully completed the SOC 2® Plus HITRUST CSF, Type 1 audit furthering its dedication to cybersecurity and the highest standards of compliance.

Read More

DIGITAL HEALTHCARE, MEDICAL DEVICES

Carbon Health Launches AI Charting in Its EHR Across All Clinics and Providers

Businesswire | June 06, 2023

Carbon Health announced the launch of hands-free charting — an AI-enabled notes assistant — in its proprietary EHR across each of its clinics and providers. Carbon Health’s EHR (electronic health records) platform is the first to deploy native AI-assisted charting at scale. With the patent-pending technology, Carbon Health has developed a way for providers to generate comprehensive and accurate medical notes more efficiently with the press of a record button. Built directly into the Carbon Health EHR and designed to fit seamlessly into a provider’s existing workflow, the integration saves time and enhances the patient-doctor connection. Without a screen between them and their patients, doctors can focus more time on care and less on typing. “The rapid development and deployment of hands-free charting advances Carbon Health's AI-enabled EHR and shows how quickly AI can have a real-world impact on care delivery,” said Carbon Health CEO Eren Bali. “Our vertically integrated model of providers, clinics, and software makes our system uniquely positioned to leverage AI technologies like GPT-4.” Early data shows immediate benefits for providers Efficiency: On average, the system generates a complete medical chart in less than 4 minutes compared to 16 minutes for a manual chart Accuracy: 88% of the AI-generated text is accepted by the provider without edits Completeness: Charts are 2.5x more detailed than manual entry Hands-free charting starts with patient consent at the beginning of a visit. Once consent is obtained, with a simple press of a record button in the Carbon Health EHR, audio is captured and transcribed using AWS Transcribe Medical. The transcript is then combined with other patient information such as demographics, vitals, lab results, and manually added notes from the provider. Within minutes, a visit summary is auto-generated in the patient’s chart, allowing a provider to review, adjust, and finalize it as the medical decision-maker, all within the EHR. “It's tough to imagine my shifts without this technology,” said Dr. Caesar Djavaherian, Carbon Health Chief Clinical Innovation Officer. “Carbon Health’s hands-free charting feature provides a level of detail and accuracy that we could never achieve with manual notes. I'm never going back.” In a pilot test, a Carbon Health clinic in San Francisco, CA, saw a 30% increase in patients compared to typical visit volume, without added stress on the team, thanks to the use of hands-free charting on the backend. This increase in throughput without an increase in administrative burden shows what’s possible when AI is seamlessly built into a team's day-to-day workflows. “It’s about eye contact over iPads,” said Bali. “For too long, providers have had to choose between connecting with their patients and taking notes. That will no longer be the case at Carbon Health clinics. We’re unlocking the ability for clinics to meet the needs of the community without trade-offs like burnout or exhaustion.” About Carbon Health Carbon Health is a modern healthcare company that offers in-person and virtual care for easier everyday health. By combining custom technology with expert care, Carbon Health enables patients to establish a direct relationship with an integrated team, monitor and manage their health on the go, and access care when and where they need it. Building on the success of its nationwide urgent care network, Carbon Health treats the full spectrum of needs – from acute issues to chronic conditions, as well as ongoing physical and mental health. The company is also expanding into value-based care through work with employers, health plans, health systems, and other ecosystem partners.

Read More

MEDICAL DEVICES, HEALTHCARE ANALYTICS

Vaultree Sets a New Benchmark in Healthcare Cybersecurity with Industry-First, Fully Functional Data-In-Use Encryption Solution

Businesswire | May 24, 2023

Vaultree, the trailblazer in cybersecurity, announces a major leap forward in healthcare data protection, bringing its industry-first Fully Functional Data-In-Use Encryption solution to the sector. Coupled with a groundbreaking software development kit and encrypted chat tool, Vaultree's technology revolutionizes the data encryption landscape, providing full-scale protection of sensitive patient data, even in the event of a breach, while preserving operational efficiency and performance. In today's digital era, no sector is more vulnerable to cybercrime than healthcare. The first half of 2022 alone witnessed 337 breaches, affecting billions of patients worldwide. The repercussions of such breaches not only risk lives but also jeopardize the privacy of the most sensitive patient information, including women's reproductive health data. Vaultree's unrivaled solution redefines the security landscape, providing comprehensive data protection with complete search and computational capabilities, ushering in a new era of privacy assurance in healthcare. "Time is of the essence when lives are at stake. Clinical trials, ePHI, advanced healthcare research, and all critical data must be shielded from a data breach. Bringing our proven Fully Functional Data-In-Use Encryption solution to the healthcare sector is transformative. Stolen or leaked data is rendered useless to cybercriminals, while maintaining optimal performance in data processing," said Ryan Lasmaili, CEO of Vaultree. "This is our commitment to meeting the urgent need for secure, privacy-centric healthcare and setting a safer future for patients and healthcare providers.” Vaultree’s breakthrough lies in its encryption approach. Unlike traditional technologies that impose usability restrictions or have inherent security vulnerabilities, Vaultree's solution is engineered for seamless integration. Its user-friendly, plug-and-play solution, along with robust security features — zero-trust encryption, client-held keys, and no requirement for server-side decryption — distinguishes Vaultree as a leader in the cybersecurity industry. With Vaultree, healthcare organizations are now equipped to securely process, search, and compute encrypted data in real time, enabling precise data analysis and AI-driven modeling to enhance patient care and outcomes. Complying with vital privacy and security regulations, such as HIPAA and GDPR, becomes effortless. "We're not just protecting data, we're empowering healthcare organizations to enhance their service," said Ryan Lasmaili. "From improved data analytics to enriched patient experiences and telemedicine capabilities, privacy does not have to compromise performance. "Vaultree’s partnerships highlight its innovative and forward-thinking approach. Joining forces with Google's AlloyDB for PostgreSQL, Vaultree leads the cybersecurity industry into a new era of cloud-based, Fully Functional Data-In-Use Encryption. In addition, Vaultree's alliance with Qrypt supports the only unbreakable key generation algorithm in the market, allowing Vaultree to offer unmatched data protection across sectors. Vaultree supports enterprises handling large amounts of sensitive data, including those in financial services, insurance, retail, telecom and energy sectors. Vaultree's unwavering commitment to improving data privacy and security across all sectors is evident. With its healthcare-specific solution, Vaultree is making significant strides in protecting sensitive patient data, fostering enhanced healthcare experiences, and fundamentally reshaping data security standards within the sector. By enabling better communication, understanding, and care through Vaultree, healthcare providers can offer improved services while maintaining respect for patients' privacy. About Vaultree Vaultree has developed the world's first Fully Functional Data-in-Use Encryption solution that solves the industry's fundamental security issue: persistent data encryption, even in the event of a leak. Vaultree enables enterprises, including those in the financial services and healthcare / pharmaceutical sectors, to mitigate the great financial, cyber, legal, reputational, and business risk of a data breach in plain text. With Vaultree, organizations can securely process, search, and compute structured and unstructured encrypted data, without ever having to surrender encryption keys or decrypt server-side. If a leak occurs, Vaultree's data-in-use encryption persists, rendering the data unusable to bad actors. With Vaultree, customers can say goodbye to traditional encryption challenges and hello to a world where the most powerful encrypted search, data processing analysis and ML/AI can be performed in real-time. Integrating Vaultree into existing database technologies is seamless, requiring no technology or platform changes. Google and other data-driven companies worldwide trust Vaultree to safeguard sensitive data. Vaultree is a privately held company based in Ireland and the U.S.

Read More