Square Buys Credit Karma's Tax Service for Cash App Integration

Square Buys Credit Karma's Tax Service for Cash App Integration

By Abhimanyu Krishnan | News | 26 Nov 2020


Payments firm Square will buy Credit Karma’s tax application for $50 million, according to a press release issued on Nov. 25.

  • Square will buy the self-reporting tax filing service Credit Karma Tax on behalf of its Cash App
  • The service will be made available to Cash App’s approximately million of Americans users for free
  • The goal is to help Cash App’s growing user base deal with taxation more conveniently -- including Bitcoin, which is under the IRS’ scanner
  • The acquisition is part of Square’s long-term strategic plans, as digital payments increasingly become the norm
  • Square recorded $385 million in gross profit in Q3 2020, with Bitcoin sales amounting to $32 million -- 15x from last year; the company itself has invested in Bitcoin to the tune of $50 million

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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