Intuit plans to invest over $100 million in a multi-year partnership with OpenAI

Intuit, the maker of TurboTax, QuickBooks, Credit Karma, and Mailchimp, has struck a multi-year partnership with OpenAI worth over $100 million, marking a major bet on generative AI to reshape personal and small business finance. The company is making a significant investment in tech to transform the way millions of people manage their finances.

The partnership will also provide customers with integrated access to popular apps, including TurboTax, utilizing conversational AI. With user consent, Intuit’s financial data will be fed into ChatGPT, enabling the AI to perform various tasks.

The move highlights how financial and business software companies are leveraging generative AI to improve their user experience and streamline workflows. The integration is designed to provide users with faster and more personalized financial advice, while saving businesses time on routine tasks, Intuit said.

Intuit brings financial tools directly into ChatGPT

According to the deal, integrations will allow end users to use Intuit applications directly from ChatGPT. The AI can access financial data on Intuit’s platform with users’ permission and provide actionable insights in real-time.

People can calculate the amount of tax to be refunded, investigate loans or mortgages, and even gain insight into debt management, for example. Small businesses that rely on QuickBooks can automate invoices, predict cash flow, and track customer payments directly within the app.

Sasan Goodarzi, CEO of Intuit, said the partnership combines Intuit’s internal financial data, credit models, and AI platform with top-tier models from OpenAI, providing customers with a competitive edge in achieving their financial outcomes.

It’s not just about chatting and messaging anyone anymore. Intuit plans to utilize OpenAI’s models to power AI “agents” that can function as virtual assistants for individuals and businesses. These bots could help automate repetitive actions, coordinate complex workflows, and provide decision-support advice/shopping lists to shop owners.

For example, QuickBooks users can utilize their AI agents to check accounts receivable (A/R) balances, locate overdue payments, or even generate reports using plain English commands. In-house, Intuit will also expand its use of ChatGPT Enterprise to drive productivity and improve operational efficiency for its employees.

Analysts said that this move paves the way for Intuit to lead the way in what is believed to be an emerging market for AI-enhanced financial software. 

Intuit and OpenAI transform how users manage money

According to the two firms, the collaboration translates into a level of convenience that users have never experienced before. They say people no longer need to switch back and forth between apps; they can now manage their personal and business balances in a single, conversational interface.

It’s a move that Intuit hopes will challenge its 100 million-person customer base to engage with more products and attract potential new users who want to utilize AI for their personal finances.

The partnership with OpenAI is a significant step toward integrating its AI models into real-world, high-value use cases, beyond chat interfaces for people who may not read or speak English at all.

The shift will also help support OpenAI’s revenue aspirations; the company has stated that it will be on track to generate $20 billion in annualized revenue by year’s end and aims to scale up to the hundreds of billions by 2030.

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