Intuit acquires Credit Karma for $7.1B so it can become the Facebook of finance

You can do it, put your back Intuit... Intuit confirmed it's buying privately-held Credit Karma for $7.1B, its largest acquisition ever. Intuit's splurging on CK because it wants more of your financial data — that's crucial to how it makes $$$. FYI, Intuit spends millions of bucks trying to keep the tax system complex because it owns a whole lot of tax software:

• TurboTax: Intuit charges for certain tax situations when you use its filing service (and allegedly — along with H&R Block — hid its free filing page from showing up on Google).
• QuickBooks: Intuit's popular small biz accounting software makes money off monthly subscription fees.
• Mint: Intuit acquired the budget tracking tool in 2009 for $170M. Mint is free, but makes money off ads and product referrals (like an Amex cash back card that's perrrfect for the Chipotle over-spending habit Mint knows that you have).

We're calling it the "Data Double Dip"... Claaassic Triple D scenario, but with a Premium topping. TurboTax and QuickBooks make Intuit $$$ on premium services, while "free" services like Mint and CK earn by double-dipping into users' financial data:

• Targeted Ads: CK knows your credit/debt info, and Mint knows your spending habits — they can charge advertisers for highly targeted ads based on your financial situation.
• Referral Commissions: If you click on one of the Capital One card ads CK or Mint show you, they could get a finders fee (aka referral commission) if you sign up.