“We do expect Lightbox to continue to be a differentiator for Credit Karma as this technology allows lenders to deploy their targeting models in an encrypted environment and leverage thousands of anonymized financial attributes related to Credit Karma members and TurboTax customers.”

In context

“st over a third of Credit Karma’s revenue in fiscal year 2022. Although several personal loan partners tightened underwriting during the quarter, we were able to offset some of this with volume from other partners. This demonstrates the power of the platform. In credit cards, we have not seen any significant impact. We continue to monitor delinquency rates, which we view as a leading indicator for future credit card origination trends. While delinquency rates have increased slightly, they remain near historical lows. We expect credit cards to be less negatively impacted by a mild recession than personal loans. In the mild recession of ‘01-02, credit card originations declined only a few points. And for context, credit cards represent nearly half of credit card revenue in fiscal year 2022. We do expect Lightbox to continue to be a differentiator for Credit Karma as this technology allows lenders to deploy their targeting models in an encrypted environment and leverage thousands of anonymized financial attributes related to Credit Karma members and TurboTax customers. This provides more certainty to members and partners on the platform as recommendations are personalized. Currently, no one else can replicate this. Partners usage of Lightbox at the end of fiscal year 2022 was at an all-time high, representing nearly 70% of credit card and personal loan transactions on a combined basis. This was up nearly 15 points from the prior year. We expect Lightbox to help make Credit Karma’s business more resilient in a recessionary environment. Now with that as context, the guidance we are providing today assumes current demand trends continue. Wrapping up, we feel more confident than ever in our long-term business strategy. In an uncertain macro environment, the benefits of our platform are more important and mission-critical than ever. As part of our 3 and 1-ye”