Intuit Experiences Big Business Loan Surge

Intuit experienced a significant surge in small business lending activity, according to the company’s most recent earnings report, originating $469M in FY Q2 2024 (which ended Jan 31, 2024) which was up from $279M in FY Q1 2024. That’s a jump of nearly 70%! Intuit makes these loans via Quickbooks Capital through a partnership with WebBank. The increase warranted no mention during the earnings call.

The positive sentiment echoes that of its rivals, including Square Loans and Enova who both just reported their biggest quarters ever for originations.