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Credit Karma, the company that turned the promise of a free credit score into a business worth over $7 billion, is joining the ranks of “neobank” startups offering a checking account. The product will be folded into Credit Karma Money, which launched last year as a savings account available to the company’s 100 million members.

Digital banking has been gaining steam for the last several years, with the pandemic only accelerating consumers’ interest in the options that neobanks are providing. In the U.S. and Europe, there are now over two dozen neobanks, which have collectively raised over $6 billion in venture funding.

“We think this is a product for people who have been left behind in financial services,” Credit Karma cofounder and CEO Kenneth Lin says of his company’s variation on the theme. Credit Karma Money Checking will not charge fees and will include automated features designed to help users better manage their money, such as bill payment date optimization. Over…