OpenAI, Intuit Strike Strategic Partnership
Intuit sees the opportunity to expose its products, such as TurboxTax and QuickBooks, to a broader range of potential users on ChatGPT
- OpenAI and Intuit formed a multiyear partnership, integrating Intuit’s financial applications into ChatGPT and deepening Intuit’s use of OpenAI models.
- The collaboration is projected to generate over $100 million in revenue for OpenAI and will expose Intuit products like TurboTax and QuickBooks to more users.
- Intuit will gain extensive access to OpenAI’s APIs and continue using ChatGPT Enterprise, leveraging AI for improved employee productivity and financial literacy.
OpenAI and Intuit agreed to a multiyear partnership in which the financial technology firm will deepen its use of OpenAI models and make applications available on the artificial intelligence company’s ChatGPT.
The companies said they expect the deal to generate more than $100 million in revenue for OpenAI over an unspecified number of years.
In an interview, Intuit Chief Executive Sasan Goodarzi and OpenAI CEO of Applications Fidji Simo described the partnership as an end-to-end agreement that will engage Intuit employees and customers. It will expose Intuit products TurboxTax, QuickBooks, Credit Karma and Mailchimp to a broader range of potential users on ChatGPT, according to Goodarzi.
Intuit will gain extensive access to OpenAI’s APIs. The companies said the partnership will allow Intuit to leverage OpenAI frontier models for cutting-edge use cases across the business. The contract also includes Intuit’s continued use of ChatGPT Enterprise across the company. It helps Intuit employees incorporate AI into daily workflows and further improve productivity, the companies said.
Intuit currently uses OpenAI’s large language models, and will continue to use other commercial third-party LLMs and open-source LLMs, as well as their own proprietary custom-trained financial models developed for product or domain-specific use.
The combination of ChatGPT’s accessibility and Intuit’s expertise is “a way to unlock financial literacy…at a scale that hasn’t been tried before,” said Simo. OpenAI announced in May that she was joining the company. Her prior roles included CEO of Instacart and head of the Facebook app.
“We are turning ChatGPT from a tool that was very useful, but fairly insular and not connected to the rest of the ecosystem, into a tool that is connected to incredibly helpful services,” she said.
The idea is to make ChatGPT useful in every part of life, without simply backing a series of applications in one super app. Rather, the idea is to create a “personal super assistant,” Simo said.
Goodarzi said the biggest opportunity for Intuit is reaching untapped customers who are engaged with ChatGPT.
The deal comes at a time when anxiety over AI is felt at multiple levels, from stock valuations and debt levels to the ability of AI and data center companies to generate enough revenue to justify it all.
While the overall impact of AI isn’t overstated, expectations about the pace of adoption are, according to Goodarzi.
Over time, Goodarzi said AI will “spark more global innovation than the world experienced with the advent of electricity or the internet. I think that’s not overblown.” However, he cautioned that the pace at which consumers and businesses fully integrate AI into every part of their lives is “a bit overblown,” because difficult tasks such as those involving money and finance require high trust and accuracy.
News Corp, owner of The Wall Street Journal, has a content-licensing partnership with OpenAI.