Kenneth Lin (entrepreneur)
{{short description|American tech entrepreneur}}
{{Infobox person
| name = Kenneth Lin
| image = Kenneth_Lin_Collision_2016.jpg
| caption =
| birth_date =
| birth_place = China
| education = Boston University
| occupation = Entrepreneur
| known_for = Credit Karma
| website =
}}
Kenneth Lin is an American tech entrepreneur best known for founding Credit Karma, an online credit score monitoring service, in 2007. He currently serves as its CEO.{{cite news|title=Credit Karma: Cracking The Credit Cartel|url=https://www.forbes.com/sites/laurengensler/2015/12/09/credit-karma-cracking-the-credit-cartel/|archive-url=https://web.archive.org/web/20151212234750/http://www.forbes.com/sites/laurengensler/2015/12/09/credit-karma-cracking-the-credit-cartel/|url-status=dead|archive-date=December 12, 2015|work=Forbes|date=December 9, 2015}}
Early life and career
At the age of 4, he immigrated with his parents from China to the United States. His parents worked in working-class jobs at casinos and restaurants to afford his tuition fees at Boston University. In the late 1990s, Lin began his career in the credit card industry. {{cite news|title=Kenneth Lin|url=http://response.ey.com/CSG3/2015/1501/1501-1392707/Exceptional/index.html#35/z|issue=November 2015|work=Exceptional Magazine}} Prior to that, he had founded Multilytics Marketing, a data-driven marketing agency.
Credit Karma
Lin has said the inspiration for Credit Karma began in 2006 when he was discouraged by the cost of obtaining his credit score and sought to create an alternative.{{cite web|title=Interview with Credit Karma CEO Ken Lin|url=http://christianfinanceblog.com/2009/03/27/interview-with-credit-karma-ceo-ken-lin/|website=Christian Finance Blog}} Credit Karma was established to provide free credit scores and proved to be a hit, growing (according to the company) to over 85 million users by 2020.{{cite news|title=Credit Karma Has Raised $175M On A Valuation Of $3.5B, As It Looks To An IPO In The Next 1-2 Years|url=https://techcrunch.com/2015/06/23/credit-karma-has-raised-175m-on-a-valuation-of-3-5b/#.kdatqhy:4xoF|publisher=Tech Crunch}} Lin has sought to expand the offerings of the website by including analytical tools and calculators, credit monitoring, education videos, and other tools.{{cite news|title=Credit Karma's Latest Act: Making Access to Credit Reports Easier|url=http://www.americanbanker.com/issues/179_146/credit-karmas-latest-act-making-access-to-credit-reports-easier-1069100-1.html|publisher=American Banker|date=July 30, 2014}} In an interview with the American Banker, he said the "ultimate goal" was to make the credit process more simple with the aim of being "able to make the application process two or three clicks instead of 20 or 30 minutes."
In raising venture capital funding, the company has also performed well, reaching a valuation of $3.5 billion according to Fortune magazine.{{cite news|title=Credit Karma lands $3.5 billion valuation in trying to reinvent loans|url=http://fortune.com/2015/06/23/credit-karma-loans-funding/|work=Fortune|date=June 23, 2015}} Although successful in finding investors, Lin has expressed a desire to avoid quickly taking the company public. In a column penned for Fast Company he wrote about a litany of negatives associated with an IPO. His column especially focused on the downsides of "quarterly scrutiny" endured by public companies which would get in the way of the "slow and steady implementation" he wanted.{{cite news|title=Why Startups Shouldn't Rush Into Going Public|url=http://www.fastcompany.com/3034816/hit-the-ground-running/why-startups-shouldt-rush-into-going-public|agency=Fast Company}}
Credit Karma was acquired by Intuit for $7.1 billion in 2020.
References
{{Reflist}}
External links
- [https://www.creditkarma.com/about Credit Karma: Kenneth Lin]
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{{DEFAULTSORT:Lin, Ken}}
Category:American technology company founders
Category:People's Republic of China emigrants to the United States
Category:Boston University alumni
Category:Year of birth missing (living people)