US-based business and financial software provider Intuit has unveiled a new corporate venture capital (CVC) division called Intuit Ventures.
Founded in 1983, Intuit provides a range of financial software platforms including TurboTax, QuickBooks, Mint and Credit Karma.
Intuit Ventures will back series B and C-stage technology companies that are operating in the areas of virtual expertise, consumer finance, omnichannel commerce, artificial intelligence-enabled services, decentralised finance, cryptocurrency and financial technology.
Intuit’s vice-president of corporate development, Shveta Mujumdar, will lead the unit. She said: “Our mission of powering prosperity around the world inspires us to solve our customers’ most important financial challenges. Innovation both within Intuit and outside the company is critical to achieving our mission.
“We have always supported the ecosystem around us with our open platform, and we have been partnering with startups on our platform for many years. Intuit Ventures accelerates our ability to empower entrepreneurs and the startup community and invest directly in their success.”
Intuit Ventures has already completed its first investment, in a $215m funding round for Clearco, a Canada-based provider of non-dilutive capital, in July this year. Earlier this month, Intuit announced it will acquire customer engagement and marketing platform developer Mailchimp for $12bn.