Intuit | December 02, 2022
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.
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.
Florence Healthcare | November 18, 2022
Florence Healthcare™, a clinical research technology company headquartered in Atlanta, Georgia, announced the completion of a year-long third-party study on the impact of Site Enablement Platforms™ on clinical research timelines and costs.
The study by Marketcap Consulting is the first to compare how traditional site management approaches differ from site-first Site Enablement Platforms. The study looked at the impact of traditional sponsor portals and new Site Enablement Platforms on research sponsor and Contract Research Organization study timelines and budgets.
“Pharma sponsors and CROs realize the importance of enabling sites to do their best work - but only recently have they discovered that traditional site portals are more hindrance than help. Yet, these organizations weren't able to measure the true impact of switching to a Site Enablement Platform. This year-long study aimed to fix that and highlight how linking fragmented workflows accelerates the full lifecycle of clinical trials.”
Ryan Jones, CEO of Florence Healthcare
Site enablement is a new technology category that prioritizes the needs of the site, a major shift from past technology that only looked at the experience of the sponsor. These platforms, including Florence Healthcare’s SiteLink™, insist on ease-of-use and ease-of-setup for the site, quality support, and simplified integrations. SiteLink works in conjunction with eBinders™, an electronic Investigator Site File solution used by over 12,000 research sites in 45 countries.
About the Study
Marketcap Consulting conducted interviews with clinical research operations leaders harnessing SiteLink, examined timelines and study costs, and analyzed the impact across the sites in the study. On average, the team found that SiteLink accelerated study start-up by four weeks and study close-out by two weeks at every site. For a 50-site study, this six-week acceleration reduced cash burn by one million dollars.
“We can see a clear positive impact on study timelines and cash burn when research sponsors and CROs implement Site Enablement Platforms,” said Joel White, founder of Marketcap Consulting. “This early study reveals that by enabling sites to do their best work, the clinical research industry unlocks value across the full research cycle.”
“While the financial impact of switching to SiteLink makes investing in site enablement an easy choice for sponsors and CROs, it’s really the acceleration of studies that gets our team at Florence Healthcare excited,” said Jones. “We aim to double the output of research teams by the end of the decade, and enabling sites is the way to do it.”
About Florence Healthcare
Florence Healthcare’s clinical trial software helps more than 12,000 research sites in 45 countries manage their documents, data, and workflows. The Florence Healthcare™ platform also provides remote access so sponsors and Contract Research Organizations can collaborate with their sites around the world. Florence Healthcare users now perform 5.8 million remote monitoring activities each month.
VitalConnect, Inc. | September 13, 2022
VitalConnect®, Inc., a leader in remote and in-hospital wearable biosensor technology, announced the completion of an investment funded by Health Insight Capital, the investment arm of HCA Healthcare Inc. one of the nation’s leading healthcare providers. The investment will go toward further accelerating VitalConnect’s rapidly growing cardiac monitoring business segment while advancing key Remote Patient Monitoring of individuals who have experienced heart failure (HF), chronic obstructive pulmonary disease (COPD) and sepsis, among others. This funding support is expected to help VitalConnect continue bringing the most advanced technology to patients and providers.
“This strategic investment from HCA Healthcare will further accelerate VitalConnect’s expansive growth and upward trajectory in the Cardiac Monitoring space. We’ve experienced unparalleled physician adoption and growth over the past 18 months since launch, and HCA Healthcare’s investment will enable us to continue bringing customers the most comprehensive remote patient monitoring platform.”
Peter Van Haur, CEO, VitalConnect
Founded in 2011, VitalConnect has deployed hundreds of thousands of biosensors throughout the world, including care facilities such as Brigham and Women’s, Hackensack Medical Center, Northwell Health, and John Radcliffe Hospital-Oxford University. The VitalPatch allows real-time remote or in-hospital monitoring, allowing physicians to optimize the delivery of care to their patients.
About VitalConnect, Inc.
VitalConnect is a leader in wearable biosensor technology for wireless patient monitoring in both hospital and remote patient populations. VitalConnect leverages extensive expertise in biomedical engineering, data analytics, chip design, and mobile and cloud software to create technology that supports decision-making paradigms that achieve better health and economic outcomes. VitalConnect’s products are designed for use in a broad range of inpatient and outpatient settings, such as hospital monitoring, post-discharge care, cardiac monitoring and pharmaceutical solutions. VitalConnect’s advanced yet easy-to-use platform, was designed to deliver better healthcare at lower costs while providing more convenience for the patients and healthcare providers.
Zócalo Health | October 12, 2022
Zócalo Health, a Latino-founded healthcare service designed for Latino patients, announced the launch of its primary care memberships for residents across California and Texas. Starting members can access same day virtual care visits and care navigation services via Zócalo’s website, introducing the Latino community to an improved and long overdue healthcare experience built on trust, relationships, and culture.
Zócalo Health, which premiered as an invite-only service to select members earlier this summer, was founded by Erik Cardenas and Mariza Hardin to strengthen the health and wellbeing of the Latino community by eliminating barriers to high-quality healthcare services. This multi-state launch demonstrates the company’s continued commitment to delivering affordable and accessible primary care that blends tradition with innovation and prioritizes trusting relationships between providers and patients.
Members will have access to a range of services and care options that would typically be addressed in primary care including: mental health conditions, preventative and lifestyle needs, chronic disease management, urgent care, and other more specific health conditions. The Zócalo primary care model includes the use of community health workers (CHWs) – or as they’re known in the Latino community, promotores de salud. Research shows CHWs are crucial to helping health systems achieve their full potential, since they work to connect patients to local resources and care. At Zócalo, promotores work individually with members to coordinate their care across a team of physicians, nurses, and mental health therapists, as well as connect members to needed resources across the community.
Clinicians and promotores are hired from the communities they serve and can provide culturally competent care in both English and Spanish. By building care teams that come from and look like the communities they serve, the team is better able to foster a primary care relationship with patients. Once care has been established with Zócalo Health, members have 24/7 access to chat with their promotor de salud to receive individual guidance on personal health goals and needs.
“Today, I am immensely proud to open up Zócalo Health’s services to the community. As a kid, I remember the long waits in the community health clinic to see a doctor who often did not speak Spanish. I had to act as a translator for my mom about my own care and help her navigate next steps. I felt guilty that my mom had to take time off from work for my appointment and pay for any prescriptions or additional care needed. For my family, no work meant no pay, so a doctor’s visit was a heavy burden on everyone,” said Zócalo Health CEO Erik Cardenas. “As the landscape for healthcare delivery has changed with technology, our community continues to get left behind. The one-size-fits-all model for healthcare doesn’t work for everyone. I owe it to my parents and my family to do better. Zócalo Health is focused on giving our people a community built around their healthcare needs.”
Despite the major cultural impact the Latino population has had on the U.S., and their increased spending power year after year, the U.S. healthcare system has been slow to adapt its services to the needs of this community’s unique health and cultural needs. Latinos still experience disproportionate barriers to healthcare access, particularly in primary care, where the average wait time to see a doctor is 24 days. This long delay, combined with fewer in-person appointments, high-deductible plans, and high out-of-pocket fees, results in many Latino patients avoiding treatment, using informal networks (family/friends), or waiting for hours in expensive emergency rooms to seek care. In addition to the existing disparities in healthcare access, the COVID-19 pandemic and resulting economic impact have exacerbated health inequities for the Latino community, particularly when it comes to accessing high-quality primary care and preventative services.
“I’ve always been community-oriented and my role as a promotora gives me the opportunity to help other Latinos manage their health and navigate a system that unfortunately has not adapted to our needs. “I’m so excited to be able to guide my community through what can often be a stressful experience in order to deliver personalized care management from someone who understands our culture and needs. Our Zócalo Health team is ready to advocate for our members and ultimately impact our community’s health, one person at a time.”
Zócalo Health promotora Caroline Carbajal
Zócalo Health’s membership and payment options are designed to make access to primary care easy and affordable for Latinos. Services are offered through monthly memberships, with pricing starting at $40 per month or at a discounted rate of $420 a year when paid upfront.
Patients in California and Texas can now purchase a membership and schedule same-day virtual appointments by visiting zocalo.health. Zócalo Health plans to expand to other states in 2022 and beyond.
About Zócalo Health
Zócalo Health is a Latino-founded healthcare service designed for the Latino patient. Our primary care model blends tradition with innovation and prioritizes trusting relationships between care teams and patients. Each member of Zócalo Health is paired with a promotor de salud (community health worker) to establish a relationship to better understand members’ goals and connect them to a Zócalo Health physician. Our team of physicians, hired from the community, focus on prevention, primary care, behavioral health, and traditional practices that work together to support our members’ wellness. Operating in the states of California and Texas, Zócalo Health offers affordable and convenient care memberships that provide same-day access to culturally-aligned providers.