Co-Founder of Credit Karma, Nichole Mustard, Announces Departure After 16+ Years

Credit Karma co-founder and Chief Revenue Officer Nichole Mustard is leaving the company after 16-and-a-half years, TechCrunch has exclusively learned today. Chief people officer Colleen McCreary left her role in January before joining Ribbit Capital as an investor in June. Intuit closed on its $8.1 billion cash and stock purchase of Credit Karma in 2020 and things have been a bit bumpy since. Last November, Credit Karma confirmed to TechCrunch that it had “decided to pause almost all hiring,” citing “revenue challenges due to the uncertain environment.” At that time, the company shared that all Credit Karma verticals had been “negatively impacted by macro uncertainty. Credit Karma experienced further deterioration in these verticals during the last few weeks of the first quarter [of 2022].”In August, Intuit reported that Credit Karma had seen its revenue decline by 9% to $1.6 billion for the fiscal year ended July 31, 2023.

Credit Karma co-founder and Chief Revenue Officer Nichole Mustard is stepping down from her role after 16 and a half years, TechCrunch has exclusively learned today.

A spokesperson for the consumer fintech, which is now a subsidiary of Intuit, confirmed Mustard’s departure via email, stating that “she decided to leave the company” and that “her contributions have been significant.” They also wished her well on her future endeavors.

Mustard’s decision to leave marks the third high-profile executive departure from Credit Karma in 2023, according to a verified user on Blind. Previously, Chief People Officer Colleen McCreary left her role in January to join Ribbit Capital as an investor, while Chief Marketing Officer Greg Lull announced his resignation in September and will be leaving once a replacement is found.

Intuit completed its $8.1 billion acquisition of Credit Karma in 2020, but it hasn’t been entirely smooth sailing since then. In November of 2022, Credit Karma announced a pause on hiring due to revenue challenges caused by the uncertain economic climate. The company shared that all of its verticals had been negatively impacted and that the first quarter of 2022 only saw further deterioration.

In August of 2023, Intuit reported a 9% decrease in Credit Karma’s revenue, which totaled $1.6 billion for the fiscal year ending on July 31. Earlier this year, it was also announced that Intuit would be discontinuing its personal finance app Mint in January. This decision came as a surprise to many, as Intuit acquired Mint in 2009.

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