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Silver Lake to buy $500M stake in Credit Karma from existing investors

Silver Lake agreed to acquire a minority stake in Credit Karma, Inc. worth approximately $500 million from existing equity holders through an organized secondary process.

Founder and CEO Kenneth Lin will remain the largest shareholder of the personal finance technology company. Silver Lake Managing Partner Mike Bingle will join the company's board.

Other terms of the transaction were not disclosed.

Credit Karma has more than 80 million members in the U.S. and Canada. The company provides products for members to monitor and improve credit health, prepare and file taxes, and provides identity monitoring and vehicle monitoring.

Silver Lake is a global technology investment company and has about $39 billion in combined assets under management.