Fairmatic

I am thrilled to share that Credit Karma (Intuit) has signed an agreement to acquire Zendrive technology and team. This marks a significant milestone for Zendrive, the company that incubated Fairmatic and spun out over two years ago, and I couldn't be prouder of what the Zendrive team has achieved. Zendrive was the first to unlock the mobile phone as a telematics instrument, pioneering the use of machine learning and deep learning in the space before AI became mainstream. Our technology has played a crucial role in making roads safer, saving countless lives. Over the years, we built a world-class team, with some members staying with us from year one through the acquisition, more than a decade later. We worked with phenomenal investors and crafted large, complex enterprise deals with Fortune 100 companies (Onstar, Progressive, Intuit, Life360, Verizon, Geico to name a few) and tens of millions of end users. We also invented a new business category and a new way to price and acquire insurance—Insurance Qualified Leads (IQL)—creating hundreds of millions of dollars in revenues for our ecosystem and significant savings for safe drivers in the US. This acquisition by Credit Karma (Intuit) is a testament to one of Zendrive’s most successful partnerships. For the past 2.5 years, I have not been actively operating the company, and the credit truly belongs to the incredible Zendrive team who nourished and scaled this partnership to its market-leading position currently and a major business for our partners. I believe that with Credit Karma's deep resources and brand, Zendrive will unlock the full scope of our vision in a way that we couldn’t on our own. I want to express my deepest gratitude to Pankaj Risbood, my co-founder, dear friend and current CTO, whose partnership has been invaluable. Dennis Ellis, current CEO, led the company and the acquisition effort with remarkable leadership. I am also grateful to Ran Makavy and Maximilian Ventilla, long-time board members who went above and beyond to help us navigate multiple crises and opportunities, instrumental in making this acquisition happen. Special thanks to XL Innovate Partners LP, who led our B round, ACME Capital, who led our A round, and First Round Capital, who led our Seed round. They took an early bet on us and supported us through thick and through thin. Lastly, I want to thank Jaime, my life partner, whose support, patience, and grace have been my bedrock through the highs and lows of this journey. While Fairmatic and Zendrive have been separate entities for a few years now, and this acquisition doesn't impact Fairmatic, I am excited about the future of Zendrive as part of Credit Karma. This new chapter will undoubtedly lead to greater innovation and growth. Thank you to everyone who has been part of this incredible journey. Here's to the future and the opportunities ahead! #Acquisition #CreditKarma #Zendrive #Innovation #Telematics #AI #Startups #Entrepreneurship