Intuit pays OpenAI $100 million, TurboTax integrates ChatGPT

Tax software provider Intuition It agreed to pay OpenAI more than $100 million in a multi-year deal to use the AI ​​startup’s broad language models to power its financial products.

Intuit shares rose 3% on Tuesday.

Intuit aims to upgrade its products with advanced AI agents, using OpenAI technology within GenOS, its built-in AI system. The models will run across Intuit’s TurboTax, QuickBooks, Credit Karma and Mailchimp services.

The companies are also partnering to integrate OpenAI’s ChatGPT chatbot with Intuit’s offerings.

TurboTax users can connect their Intuit accounts to ChatGPT and perform tax or financial transactions securely. ChatGPT can then guide these customers through tasks tied to their TurboTax files or financial profiles without ever accessing the underlying documents. The experience will run inside ChatGPT.

As part of the partnership, users will be able to empower Intuit to pull accurate data and return customized results, such as estimating a tax refund, finding the right credit card, or generating QuickBooks insights into real-time business activity.

The deal provides a major financial partner for OpenAI, a meaningful revenue stream, and adds momentum behind its strategy to transform ChatGPT into a broad platform that works across multiple industries. The company also needs to show that it has significant growth paths to justify its $500 billion valuation and spending commitments of more than $1.4 trillion.

It has made similar deals with companies like OpenAI PayPal, ShopifyAnd WalmartBeginning to integrate payment, shopping and transaction capabilities into ChatGPT.

Privacy is especially important when it comes to financial data. A user’s information will remain within the Intuit ecosystem even when accessed via ChatGPT.

Correction: A previous version of this story incorrectly stated the terms of the agreement between the two companies.

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