Credit Karma Co-Founder Nichole Mustard Leaving Company

Credit Karma co-founder and chief revenue officer Nichole Mustard is leaving the company.

Mustard, who was with the firm for over 16 years, is the third high-profile executive to leave Credit Karma this year, TechCrunch reported Thursday (Dec. 14).

“I can confirm she decided to leave the company, her contributions have been significant and we wish her well,” a Credit Karma spokesperson told the media outlet via email.

Two other executives who left or announced plans to leave the firm this year are Colleen McCreary, who left her role as chief people officer in January before joining Ribbit Capital as an investor, and Greg Lull, who said in September that he would leave his role as chief marketing officer when a replacement was found, according to the report.

Intuit purchased Credit Karma in 2020, the report said. In November 2022, Credit Karma told TechCrunch that it had paused almost all hiring due to revenue challenges and macro uncertainty.

In August, Intuit reported that Credit Karma saw a 9% revenue decline during the fiscal year ended July 31, per the report.

On Dec. 5, the Federal Trade Commission (FTC) said it was launching a claims process for nearly 500,000 consumers hurt by misleading “preapproval” Credit Karma offers.

The FTC last year fined Credit Karma $3 million after accusing the company of making deceptive claims that consumers were “preapproved” for credit card offers. In several cases, these consumers were not qualified, wasting their time and involving them in needless credit checks.

In a statement emailed to PYMNTS on Dec. 5, a Credit Karma spokesperson denied the FTC’s claims.

“We fundamentally disagree with allegations the FTC makes in their complaint, which relate solely to statements we ceased making years ago,” the statement said. “Any implication that Credit Karma rejected consumers applying for credit cards is simply incorrect, as Credit Karma is not a lender and does not make lending decisions.”

On Oct. 31, Intuit said it is shutting down its personal finance website and mobile app Mint on Jan. 1 and inviting users to migrate to Credit Karma.