Intuit (NASDAQ: INTU) – the firm behind Turbo Tax and QuickBooks – is buying tech portal Credit Karma. The Wall Street Journal reported Sunday that the two companies could announce a roughly $7 billion deal today.

According to the report, the all-cash-and-stock deal will give Intuit an instant boost in the digital consumer finance industry. This is Intuit’s largest deal in its history. However, the deal will see Credit Karma operate as a standalone business outside of Intuit’s other business lines.

It is assumed that the tax company will attempt to migrate the huge population of small business owners and accountants who use their business software. The hope is that Credit Karma will provide the tools for these individuals to reach their own financial goals.

The firm’s CEO, Kenneth Lin, will stay in his role.

Intuit Buys Credit Karma for What?

The roughly $7-billion estimate is a big win for venture firms like Silver Lake Partners and Ribbit Capital. In March 2018, Silver Lake invested $500 million into Credit Karma when the firm had a valuation of roughly $4.1 billion.

This deal suggests a valuation increase of more than 70% in less than two years.

INTU shares are up about 14% since January 1. The company will report earnings after the bell on Monday.

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