Payments company Square said Tuesday it will buy Credit Karma’s tax business for $50 million and integrate it into its Cash App, a major hub for bitcoin sales.
Cash App will make Credit Karma’s do-it-yourself tax-preparation software available to its 30 million monthly users for free, Square said. Those users already send payments, manage credit cards, invest in stocks and increasingly purchase bitcoin (BTC, -5.19%) from the popular app.
Credit Karma is selling the operations as a condition to gain U.S. Department of Justice approval for its $7.1 billion acquisition by Intuit.