Good morning and welcome to Intuit's Investor Day. My name is Kim Watkins and I'm Vice President of Investor Relations here at Intuit. It is so great to see so many of you here in person and I wanna send a warm welcome to all of those of you joining us today online. We have a great day planned for you. Sasan will kick us off and take us through our AI-driven expert platform strategy. We have a platform immersion experience planned, where you'll have an opportunity to more deeply understand our products and how we're solving our customers' biggest pain points. Following a short break, Marianna Tessel, our CTO, will come up and talk a little about the technology fueling our innovation.
Next, we'll have Alex and Varun take us through deep dives on two of our largest businesses, Small Business and Consumer. That'll be followed by a break and then Ken Lin will come up and talk about Credit Karma. That'll be followed by Michelle, who will give us some financial perspectives a nd then we'll have plenty of time for Q&A. For those of you here with us in Mountain View, please join us for lunch, where you'll have an opportunity to interact with our entire leadership team. Now, I have a couple of quick housekeeping items before we get started. First, Wi-Fi is available on the Intuit Guest Network. There's no access code required, so hopefully all of you found that already. Second, restrooms are to your back left. They're across from the elevators.
I also wanted to mention we posted two videos on our IR website that you won't wanna miss. One is of Lara Balazs, who goes through our corporate responsibility strategy and how that intersects with our business strategy. The other one is of Humera Shahid, who's our Chief Diversity, Equity and Inclusion Officer and she takes you through our DEI strategy. We added both of those, based on questions from many of you, so don't miss. I also wanted to mention that both of them will be available during Q&A. Now I'm gonna read the forward-looking statement slide. Forward-looking statements. These presentation materials include forward-looking statements. There are a number of factors that could cause our results to differ materially from our expectations.
Please see the section entitled "Cautions about Forward-Looking Statements" in the enclosed appendix for information regarding forward-looking statements and related risks and uncertainties. You can also learn more about these risks in our Form 10-K for fiscal 2022 and our other SEC filings, which are available on the Investor Relations page of Intuit's website at intuit.com. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation. non-GAAP financial measures. These presentations include certain non-GAAP financial measures. Please see the section entitled "About Non-GAAP Financial Measures" in the enclosed appendix for an explanation of management's use of these measures and reconciliations to the most directly comparable GAAP financial measures. In this presentation, we may also announce plans or intentions regarding functionality that is not yet delivered.
These statements do not represent an obligation to deliver this functionality to customers. Numbers may not agree with the sum of the components nor with the SEC filings due to immaterial one-year adjustments. Financial results are reported under ASC 606 unless otherwise noted. As I mentioned a minute ago, after Sasan's presentation, we'll take you through a platform immersion experience. This will give you an opportunity to experience four of our Big Bet s that you can see on this slide. You might notice Big Bet 1 is missing. Big Bet 1 is a technology bet and it's foundational to all of our other bets. As I mentioned just a minute ago, Marianna Tessel will talk through that when she talks about the technology fueling our innovation.
Okay, so that's it for now. I think we're ready to get started. With that, it's my great pleasure to introduce Sasan Goodarzi.
All right. Well, good morning. It is so wonderful to see all of you here face-to-face. Good morning and good afternoon and good evening for the hundreds that are connecting through the webcast. We hope that you have an amazing experience today. We have two objectives today. The first one is that you walk away feeling like we have a very exciting and incredible growth story that's both durable and sustainable. The second is for you to have a very good feel of the resiliency of Intuit in what is a very volatile macro environment. We're gonna talk a lot about both of those today. With that, let me go ahead and get started. You know, one of our signature strengths, as a company is that we always reimagine ourselves to disrupt the categories that we are in.
You can see that over our 40-year history, where we have led through multiple platform shifts. We have been through many economic downturns. In every instance, we have come out of the other end, much stronger, than we were before. Three years ago, it was in this very meeting where we refreshed the company's strategy and we declared five Big Bets and talked about very aspirational goals that we have for 2025. Really the essence of what we declared three years ago was to shift the company from a platform company that was just focused on taxes and accounting to massive, huge problems with lots of growth left, to a company, a platform company, that was really focused on making a meaningful impact in the lives of consumers and small businesses every day and hence powering their prosperity.
When you look at our results in the last three years, we have accelerated both our top-line growth and we've expanded margins. I think when you think about the signature strength of the company, it's been proven over the last 40 years where we have been one of the most admired companies to work for. We've accelerated customer growth and we've accelerated delivering the financial commitments that we have made to all of you. This past year was no exception. We exceeded every metric that we committed to you. I just wanna pause here for a moment because I know one of the things that's on everybody's mind is the macro environment.
I just want you to know that we are very intentional, disciplined and rigorous when we set guidance because we want to ensure that you can count on our word and what we communicate and hence, the results that you hear as we look back in the last year. Now, one of the things that we do every year is we step back across these dimensions that you see here and we have a rigorous debate about how we did, what we did well and where we are dissatisfied. When we agree to this, we share it with all of our employees, we share it with our board, both of which we've done and ultimately, we share it with all of you.
Let me run through this very quickly so you have a good idea of what we're happy about and where we are constructively dissatisfied. First and foremost, our culture is everything and we feel very good about the strength of our culture, the strength of our talent and the engagement that we have across the company. The area that we need to really work on is in a hybrid environment, connection and belonging is everything. It is who we are. It is the essence of our culture and that is an area where we are constructively dissatisfied. The second is around customers. We feel about our customer growth, the retention of our customers. The area that we believe we can get better is what we call a day one mindset.
One of the things we talk a lot about is imagine every day is your first day in your new job. The courage that you have, the questions that you ask, how provocative you are in your thinking. That's an area where we wanna take our game as a company to a whole different level to get everyone to have a day one mindset because we believe that will have an enormous impact on accelerating innovation. The third area and this is where, Lara will talk a lot about in the video that Tim just talked about, is we focus on making the communities around us better than what we found them. We focus on job creation, job readiness and improving the climate. We have beat every metric that we've committed in this area.
The area where we believe we can do better is how do we communicate this story externally? That's important because it actually helps us attract talent. It helps us use our platform to entice other companies to do the same to make the world a better place. The next one is around our platform capabilities. You will see and hear this from Marianna, that our platform capabilities are having a significant impact on both what we deliver and our speed. The area where we believe we'll get better and I think you're gonna hear us talk about this every year if you're in front of us, is to create a company where speed is the essence of our culture and it's about removing coordination tax.
Our developer speed is up 6x over the last couple of years but we believe we are just getting started to get the whole company to move faster and to deliver for our customers. When you look at our Big Bets, we just declared these Big Bets three years ago and every Big Bet is having a material impact for our customers. At the same time, we believe that we have an opportunity for breakthrough adoption across all of the products and services that we release. Last but not least, we've accelerated the growth rate of the company and we believe that we're just getting started. That is a quick look back into FY 2022 and the things that we feel great about and the things that we are constructively dissatisfied with. Now let's talk about the future.
Starts with our customers. The essence of our shift from going from a tax and accounting platform to a platform that makes a meaningful impact to the lives of our customers starts with these problems that we want solved that we declared three years ago. We wanna help our customers make ends meet. We wanna help our customers get out of debt and save money. For the small businesses and entrepreneurs, we wanna fuel their success, which means we need to help them grow their customer base, get paid, get access to capital and ensure that they are successful and organized. In context of these customer problems, there are secular shifts that are actually working in our favor, actually talked about this three years ago and it's accelerated five-10 years.
More and more of the customers that we serve wanna engage in a virtual world. They wanna adopt online solutions and in an omnichannel world where they can be much more effective empowering their own prosperity as a consumer or as a small business to fuel their success. Now, the key to all of this is data and AI. Data and AI, although it is the thrust of what we are focused on, it is just the beginning of the revolution that's possible with the data that's available and application of AI. We believe that will be fueled by decentralized technologies and blockchain. In context of customer problems and the secular shifts that are working in our favor, we have a very large addressable market. There's over 300 million customers in our addressable market.
It's over $300 billion in size. Here's what's very unique that we often talk about when we talk about our addressable market. It's what we call non-consumption. Our opportunity for growth isn't to get a customer to switch from a different platform. It's actually to change their behaviors. They're using shoe boxes, they're using Google Sheets, they're using Excel, they're using multiple different discrete apps to be able to run their life or run their business. Our opportunity is just to get them from non-consumption to digitizing the platform. That's important 'cause our entire focus is digitizing the addressable market that we serve. The great news is we have very low penetration. We have less than 5% penetration of our addressable market in the countries that we've chosen to be in.
With that context of we have a very large TAM, low penetration, secular shifts that were working in our favor, let's talk about our game plan to win. Now, this is another area where the company's always been very intentional from our purpose and why we show up to work every single day to galvanize 17,000 people to row in the same direction, which is our mission, so that what we measure and what's most important. I'll start with ultimately what gets our heartbeat going the fastest every day, which is powering prosperity around the world. We focus on powering prosperity not only with the products and services that are on our platform but also to make the communities around us better.
'Cause this is not only important to leverage our platform to do so but it's also an opportunity for the health of consumers and small businesses in the long term. We're guided by our values. These aren't just words on our walls. We live these values and the way we think about them is to do what's right when nobody's looking, to be bold and relentless in what we pursue. It's to sweat the details of what matters most to our customers and to fall in love with their problems and not their solutions. It's ultimately to bring the power of the diversity of our culture and create an inclusive culture so that we can do our best work and again, leave the communities that we found better than when we found them.
With all of that said, three years ago, we set some very bold goals for 2025. What we said was anybody that's on our platform, we wanna double their household savings rate. If you're on our platform as a small business, we wanna improve your success rate at a minimum of 10 points better than the industry. We've already actually exceeded that goal. We wanna be one of the most reputable companies in the world and we wanna accelerate our growth, which we have in the last three years. These aren't just aspirational goals that we hope to achieve one day. They are, in fact, goals that we work very hard to change the world. We also have very specific three and one-year plan operational goals.
Of course, all the metrics are empty here because we set targets for ourselves that are stretch targets that we wanna achieve. Everything starts with our employees. Everything starts with a culture, which is to create a culture where we have the best talent doing the best work of their lives and we measure that very quantitatively because we believe and we believe this for 40 years, that by focusing on culture, we can do amazing things for customers, we'll make the communities around us better and ultimately, we'll be able to deliver durable and sustained shareholder results. Now, with all of that said, let's talk about how we will achieve these goals.
It starts with what we declared in this room three years ago, which is the shift from an accounting and tax platform to a platform that powers prosperity around the world. There are three elements here that are very important. One is who we serve. We serve consumers, self-employed and small businesses and the small businesses that we serve are up to about 100 employees and that's just the starting point. It is not our endpoint. The second is the benefits that we are focused on, which is all about helping our customers put more money in their pockets, eliminate the work, so we deliver insights to them versus create a platform that's about transactions. Last but not least is we deal with money and everything that we need to do is about confidence.
Last but not least is the AI-driven expert platform. These are not just words. They drive our investments. I'll start with platform. We are an open platform, which means to solve the problems that I mentioned earlier for our customers, our belief is that whether it's an app we build on our platform or somebody else, it gives us the chance to truly have a platform to solve the most important problems. That then gives us the ability to apply AI to all the data on the platform, so we can ultimately do all the work for customers. Because we deal with money, customers rely on experts. They rely on people to give them advice, whether a consumer or a small business. We are focused on digitizing all expertise to be on our platform, hence an AI-driven expert platform.
Now let me quickly go through the five bets but if you've heard these before, I want you to have a day one mindset and listen as if you've never heard them. We just refreshed our five Big Bets, although we declared them three years ago. Part of our mechanism is to be objective and look at ourselves in the mirror to see what's changed. Our five bets, the direction is the same but we've refreshed them. That has given us a much more obsessive focus on what matters most to our customers. We've expanded the vision of each of the bets, which gives us another opportunity to accelerate innovation over time. Our first Big Bet is about revolutionizing speed to benefit. This is a data and tech bet. The fuel of our success is about data and AI.
This is an area of significant investment in the last six to seven years and it is an area that will be a significant investment moving forward because it is data, having all the data in the world available for our customers, so they never have to lift a finger and applying machine learning, knowledge engineering and natural language processing to bringing new inventions and innovations to the world, revolutionizing speed to benefit. What's changed here is we are accelerating our investments in decentralized technologies and blockchain. Our second Big Bet is about connecting people to experts. As I mentioned a moment ago, the largest problem that customers have that's unsaid is confidence.
Our vision is to have a virtual expert platform where a customer, no matter what their problem is, can access an expert to be able to accomplish what they're trying to accomplish. This is an area where we started out with consumer tax. We're going into business tax. We started with bookkeeping. We're also going into accounting and we're gonna help customers grow their business with the use of experts. It's our digital platforms. Think QuickBooks, think Mailchimp, think TurboTax, think Credit Karma with an expert layer on top, be able to go after non-consumption, connecting people to experts. Our third bet is about unlocking smart money decisions. The biggest problem our customers face is about making ends meet. Our vision here is to have a self-driving financial platform that helps power your prosperity as a consumer.
This is the power of bringing Credit Karma, Mint and TurboTax together, where in one place you can achieve your financial freedom. Our fourth Big Bet is about being the center of small business growth. The largest problem small businesses that we serve face up to 100 employees is about growing their customers and it's about managing their cash flow. The shift that we have made here is from a company that accounts for your cash to a company that is actually the source of truth for your cash. This is the power of bringing Mailchimp and QuickBooks together, so in one place we can be the source of truth for your business. Our fifth Big Bet is about disrupting mid-market. It is taking this game and serving small businesses between 10 to 100 employees.
That is simply our starting point. Our vision in the mid-market is to have a platform that again, is the source of truth for your entire business. We know these customers well. It's about having a platform that's drop-dead easy to use at a fraction of the cost of the alternative. Now many of you always ask what's unique about Intuit. Let's talk about what is unique about how we power the prosperity of our customers. The first element of it is it starts with the fact that we now solve all the jobs that are most important across the consumer and small business ecosystem and we have significant customer scale and interaction between our customers. The second is data. With our customers' permission, we leverage the data and what we know about them to deliver innovation and insights.
We know 400,000 data points for each small business. We have 55,000 tax and financial data points per consumer. We deliver on a daily basis over 58 billion machine learning predictions. This just shows you the power of the data and the platform around technology that is the thrust behind our innovation. Last but not least, we are a money platform. We manage a lot of money for our customers. There's over $2 trillion of invoices that are managed on our platform. There are over 790 billion bill payments that are recorded on our platform. That's not on this slide. There's over $8.4 trillion of debt that we see on the platform.
The intent here is to help you understand that the uniqueness of our platform to power the prosperity for our customers is the data, the technology and the money transactions that allows us to become this self-driving financial platform for our customers. That is what creates the growth flywheel effect. It is all about large TAM, low penetration, secular tailwinds with a very clear game plan and enormous assets to deliver for our customers. Now let's talk about the proof points. Just if you look at this last year around growing the core, you can see that we grew subs over about 11%. We grew our online revenue in small business over 30%. Here's what's extremely unique about the progress that we are making in the mid-market.
You can see not only did we grow subs by 40% but customers with an ARPC of over $5,000 grew over 95%. Then last but not least is TurboTax Live is now a billion-dollar business growing 30% with a massive TAM that we have an opportunity to go after. The second is about connecting the ecosystem. When you look at Credit Karma, we have over 125 million members. We have incredible revenue per member and 25% of the new members of Credit Karma came from TurboTax and Payroll. Three x the number of TurboTax customers year-over-year put their refunds on a Credit Karma Money account. Payroll, number of workers we paid grew over 10%. The volume grew over 10%. Our payments charge volume grew over 35%.
You can see Mailchimp at 2.4 million customers and we created value for customers well over $3 billion of sales. We're making a real impact just in the last year. Then last but not least, on international, we are making real progress in the countries where we have product market fit. Now 50% of Mailchimp's revenue and customers is outside the U.S. and you're gonna hear Alex talk about what we're doing to propel international. Our services revenue in the three countries where we have product market fit grew over 65%. Now while these are incredible proof points for the last year, I wanna reiterate we manage this company for the short and the long. We are extreme.
This is an illustrative example of we're very intentional about the investments that we are making in future horizons that will pay off three-five years from now, while we're focused on what we need to do to deliver for our customers today and deliver on our commitments for all of you. Now, one of the things we talk a lot about at the company is life is about 1% inspiration and 99% perspiration. I wanna remind you of what we believe is the key to our execution excellence. It starts with our customers. We have a model of CDI and D4D.
It's customer-driven innovation and design for delight that gets all of our employees focused on what's the biggest problem that we can solve, where we can add value and build advantage and a framework to experiment quickly to get to the best outcome and to the best launch. The other is our Intuit operating system. It is how we run the company. This is worthwhile just spending a minute on. We are very intentional about a set of mechanisms that we have that looks at the long term, where we declare what's most important in the long term. It's our six-year plan and it's our three-one year plan and we are very rigorous about organizational and cultural capability.
We have a set of mechanisms that focus on the outcomes, KPIs, the inputs that drive the outcomes and then a set of experiences. We are very intentional about spending a lot of time to galvanize the company because our job is to get 17,000 folks and our partners to row in the same direction. It's really our mechanism that if you just look at the last three years when we stood here and declared our refresh strategy bets, where we have accelerated the growth rate of the company from low double digits to a much faster growth rate. Let me bring us to a close in terms of how we think about the biggest opportunities and risks at Intuit and what we talk about internally a lot and what we talk to our board about.
I'll just touch on a few of these. Several of our biggest opportunities are about truly how do we become the source of truth for small businesses, the one-stop-shop platform where they can get access to what they need, whether it's our app or somebody else's app that they use on our platform. It's actually to digitize all of money movement, business to consumer and business to business and ultimately become the same platform for consumers to truly power their prosperity. On the risk side, frankly, there's one that we spend a lot of time on and it's the first one on the risk. We view that our biggest competition is speed. It's us. We have spent so much time in the last 40 years and particularly in the last several years with my team, architecting the company for speed.
Bless you. You're going to hear from Marianna what we've done to accelerate our speed. It is night and day different in the last three years but we believe we are just getting started. The other is, long before AI became a buzzword, we spent a lot of time talking about how will AI accelerate innovation and what are the investments we need to make. We're now doing the same when it comes to decentralized technologies and blockchain, which is the second risk worth calling out. This brings sort of together the entire game plan that I shared with you and let me end with where I started. We wake up every day to power prosperity around the world.
It is the essence of the shift that we are making from a tax and accounting company to a company that is focused on making a meaningful difference in the lives of our customers every single day. Hopefully, throughout the day and in the platform immersion, you'll get a real sense for how this is coming to life. With that, I'm gonna turn it over to Kim.
Awesome. Thank you. Okay, we are ready for our platform immersion experience. Just let me go through a couple logistics a nd then we'll get started. First, I'm gonna start with those of you online. You should take a look at the agenda in front of you. There should be a button to enter the Intuit strategy site. Click there and you'll enter a self-guided tour where you'll be able to access videos taking you through the four Big Bets I mentioned earlier. They'll be about seven minutes each, so that should take you about a half an hour to complete. Please meet us back here about 9:50 Pacific Time. Okay, for those of you here in person, take a look at your badge. On the lower right corner of your badge should be a number.
That number is the experience where you'll start but don't worry, you'll get to see all of them. We're gonna head up to the fourth floor and so if you didn't get your workout in, make sure you take the stairs. Otherwise, you can take the elevators. Those are in the back left, as I mentioned earlier. We have plenty of volunteers to help you get there, so don't worry about that. You'll be at each station for about 10 minutes, inclusive of Q&A, give you a great opportunity to interact with many other senior leaders at Intuit as shown on this slide. Be sure to take your pen and notepad with you if you'd like to take notes but feel free to leave all of your belongings here.
You will also have several senior leaders mixed in with your groups. Please don't ask them questions now. We'll have plenty of time for Q&A later, I assure you. Okay. With that, I think we're ready to get started. Really enjoy the experience and I'll see you back here. Please take your seats. The program is about to resume.
Okay, everyone. I think we're about ready to get started, so come on in and take your seats. While you're doing that, I'll just start with two other housekeeping items. One, I just wanted to call your attention to the fact that several of our small business customers offerings are here today, so you may have visited the coffee station or the snack station upstairs or at lunch. We also have a dessert station, our parting gifts. You know, please enjoy those. Second, we're gonna be sending a survey after the end of today via email. We would really appreciate it if you would take the time to fill that out. It will help us make this day more valuable to you in the future. You know, please take an opportunity to do that.
Now I think we're ready to get started again and we'll kick it off with our CTO, Marianna Tessel.
Thank you.
Thank you.
Hi. Thank you, Kim. Hi, everybody. I'm Marianna Tessel. I'm Chief Technology Officer here at Intuit. You heard quite a bit today the word platform. I wanna take you through how the platform actually fuels our innovation here at the company. First of all, I wanna start with technology strategy. You know, as Sasan shared, we actually start always with the customer. Everything that we do in technology is in the service of the company and the service of the customer. Our technology strategy is also driven by our Big Bets, our True North goals and our company bold goals. Last, it's guided by our strategy of being AI-driven expert platform. In order to accomplish all of that, we actually declared three technology priorities. The first one is to delight our customers through product and operational excellence.
This actually means we set a high bar of excellence for ourselves in everything that we do. The second one is to power vision with world-class Intuit platform capabilities. What this means is actually that we're building a platform with capabilities. The last one is to accelerate our work with modern Intuit development environment. That means that our developers deserve and have the most modern tools that are out there. I wanna now introduce you to a concept we call a city map. The platform is not a theoretical thing for us. It's actually anchored in something we call the city map. The city map reflects our architecture and it reflects our needs. It actually shows everything that we are developing. It drives our vision and it clarifies to us what we have and what we still need.
It helps us organize our work. It actually helps us organize our organization and it drives accountability. It accelerates us. It also accelerates our acquisitions in Mailchimp and Credit Karma and others. We're not limited by it. It actually empowers us. It changes as we need to change it. We can add new technologies into it and we continue to evolve it organically as we learn. In a nutshell, the city map creates leverage and speed for us and it's key in our transformation to a platform company. Now that I talked about it, let me show it to you. Well, this is the city map, right? It's a map of all of our capabilities and every box here is representing a capability.
Before I actually go into details, I want you to understand the scale of what I'm showing to you. This is one of the largest data platforms out there. This is one of the largest money movement infrastructure that actually fuels our portfolio. It's one of the largest AI infrastructure that is out there. 60 billion machine learning predictions per day. It's the largest virtual expert platform that powers our Live growth. What you're seeing here is just the top level. The capabilities, like I said, are boxes but internally we have the details underneath that all the way to the code. I wanna actually take you through it and build it up like a cake, level by level. We're gonna start with some key building blocks, our development environment and our enterprise systems.
Our development environment is a modern SaaS environment. It has world-class capabilities that help us develop and deploy with speed. It has security, compliance, everything built-in and automated into our tool set. Our enterprise systems is the systems we use at a company to run our business. Excuse me. It has systems like finance and workforce management. Many companies call it IT. We actually use these and view them as strategic capabilities to us. We're gonna build the next three levels: security, risk and fraud, data infrastructure and AI infrastructure. Security helps us secure our experiences and deliver code that our customers can trust and use with confidence. Data infrastructure helps us organize, process and interpret data. Infrastructure has everything that we need to use and deploy machine learning, knowledge engineering and natural language processing.
We are able to deliver AI at scale and more than that, we democratize AI, so it actually can be used across our engineering. Our engineers can use AI to make our products smarter. When you look at the layers of the platform, I want you to understand something. The layers actually work together. In this case, for example, the more data and AI we have, the actually better security we have. The better security we have and fraud prevention, the faster we can deliver benefit to our customers. Let's build the next three layers. This is core capabilities, customer growth and engagement and business domain capabilities. Core capabilities are the most leveraged capabilities that we have across the company. They allow our experiences to work together. They have the building blocks for our products and experiences.
One example of such core capability is our identity system. Next, customer growth and engagement. It actually helps us define market and sell our applications. It contains also our experimentation platform that helps us test new solutions and ideas with speed. Last, business domain. It has the business logic for our applications and we build it in a way that we can meet our customers wherever they are, mobile, web, voice and someday, hopefully soon, in the Metaverse. I want to point out to you all the way to the right. It has the virtual expert platform. You see it says expertise. This actually powers our Big Bet 2 and many other experiences that we have in the company. In particular, again, connecting people to experts. The last layer is the app layer.
All the capabilities are building blocks to what our customers see, which is the applications. It helps us solve our customers' most important problems. At this point, we went through the entire city map, so you must be experts by now. You saw how the platform is actually constructed from building blocks all the way to the app. That actually helps us innovate with speed and deliver benefit to the customers we talked about. I don't wanna stop there. I wanna actually take you through a little bit more in depth and bring it more to life and actually explain to you how the capabilities end up in with innovation. We're gonna go through five examples. The first one is modern development environment. This is the environment that really helps our developers move with speed.
All of our solutions start here. We actually made amazing progress over the last three years. We are 100% in the cloud. All of our services are fully in the cloud. Our scale is massive. At peak, we have 1 million CPU cores up running in production. We're at the most modern infrastructure. In fact, we're probably known in the industry for how modern our infrastructure is. One of the things you might not be aware of is that we have very popular open source components that were built based on what we use here. One of our open source components, Argo, is so popular that it's used by over 1,000 companies, including Google, Alibaba, GitHub, Tesla.
This modern environment really allows us to move with speed and in the last couple of years, we decreased 6x, you know, the time it takes us to release code into production. So our developers are 6x faster. Let's take a look at another example. AI infrastructure. Again, our strategy is to be AI-driven expert platform, so AI is very important for us. In fact, we are delivering AI at scale. I wanna remind you again some of the numbers you saw today. 58 billion machine learning predictions per day. 730 million AI-driven interactions per year. Just for categorization alone, just one of the problems we're solving is 2 million personalized models are running in production at any given time to deliver that value for our customer. We have over 700 AI patents.
This really allows us to move with speed and empowers us and our developers to create smart products for our customers. Now, take a look at the right here and you saw it upstairs as well. Matchmaking in TurboTax Live. On the surface, you might say this is really like an easy problem. You're finding you know, a schedule slot and matching an expert to a customer. However, this is actually a very sophisticated AI problems. It's about matching hundreds of attributes to match the perfect expert to a customer. Includes, you know, data such as customer relevant tax topics, maybe the tax return complexity, expert proficiency, compatibility, expert capacity, of course and we're able to do all of this in real time. During peak, we're able to do matchmaking as little time as 500 milliseconds. This is unbelievable.
Not only that this is results in better customer experience, the outcome is also more productive experts. We're actually able to reduce one hour idle time it takes to serve TurboTax Live customers on our virtual expert platform. Let's look at the next component. This one we call data integration. Again, before we actually look at data integration, let's kind of remind ourselves again that data is a lifeline for our products. It's really critical for us. I just again what I remind you is the scale of our data. 47 million tax returns, 93 million tax forms, 60 billion small business data points that we have. Again, massive data. It is critical for us to have the right data at the right time. Data integration really handles the acquisition and exchange of data from and to third parties.
It's external data to us. We actually set the standard here. We have best in class network of 24,000 financial institutions. This is across 41 countries. We actually save our customers millions of hours of work. This year, again, you can see on the right, customers started to invest in crypto. Because we have an amazing platform capability we can build on, we were able to add crypto providers very rapidly. We added more than 50 crypto providers and this year already we used that capability and we had 1.7 crypto imports on our platform this past tax year. Now, another example is our fintech infrastructure. We have the critical capabilities to move money on our platform and to give our customers faster access to their money. It is critical for our customers.
We actually have been busy building this capability in the last seven years, so we have a lot to kind of use here. We are again at a massive scale. This year alone, $2 trillion of invoices were managed on our platform. $465 billion were moved. $270 billion were managed in small business payroll and $1.3 billion in loans were originated on QuickBooks. All of this is using our money movement platform. We're also able to innovate and bring new experiences very rapidly because we have that foundation. Again, example here on the right is our Get Paid Upfront. Customers actually can draw money as soon as the invoice is sent. This is again, really unprecedented. It will reduce the time for customers to wait for invoice from 30 days to one day.
Money movement is really at the heart of many innovations and this one as well and we are really well-positioned to build things like accounts payable and bill pay. The last example I wanna take you through is identity. It's a core component we talked about. I wanna remind you, we have 103 million customers. Our identity system, which we actually refactored in the last couple of years, is very modern and it has modern authentication and authorization capabilities. It's kind of like table stakes. In addition, we actually have 360-degree view of our customers. We have over 400,000 attributes for small business and over 55,000 attributes for consumers. During peak, our identity system served 3.6 billion requests with absolutely zero failures. Our identity system is sophisticated and allow our customers to connect quickly to our products.
This includes Credit Karma and, you know, other offerings we have. It actually opens new experiences for customers. We built something that we called Data Bridge to accomplish that. It helps us to exchange data in real time. This is not something we were able to do in the past. The Data Bridge enables 3x growth in TurboTax Online customers who actually deposited refunds into Credit Karma Money accounts. Again, I think you saw the demo upstairs. Since I touched on Credit Karma, I actually wanna tell you a little bit more on our technology strategy for acquisitions. Our approach really focuses on acceleration and not integration, which means that we focus on how our products work together in bringing value to the customers and the speed of innovation. However, we do all of that while maintaining architectural integrity.
As an example, Data Bridge, as I just talked about, has over 5 billion data elements that it moved in the last six months. We also developed something we call bidirectional account linking that help us do single sign-on between Credit Karma and Intuit products. It allows our customers to seamlessly move from one product to another and we're gonna expand it to Mailchimp. The fact that our products sometimes are in multiple clouds, that doesn't slow us down. We're actually able to interoperate between clouds in real-time, regardless of where they're hosted. Let's wrap it up. I hope that by now you actually see how the technology platform fuels our success. Please also know that we're a significantly different company than we were five years ago. We evolved from siloed stacks to one platform with capabilities.
It allows us to use cutting-edge technologies and innovate with speed for our customers. In fact, we created a flywheel. We actually get faster and better all the time and we can deliver new value to customers every single day. Thank you all so much. With that, I would like to hand it off to Alex.
Thank you very much, Marianna. Good morning, everyone. I am so excited to be here today with you all to share the small business and self-employed group story. We're gonna start by grounding ourselves in our mission and our top customer problems. We'll review our strong FY 2022 results, the drivers of our success and our durable strategy to become the source of truth for small businesses. We'll then deep dive into the work that's fueling our strategy, like our Big Bets, Mailchimp and our refreshed international approach. I'll bring to life how our differentiated ecosystem solves the real-world challenges small businesses face. We'll finish with our long-term expectations. To begin our mission, powering prosperity around the world is more important now than ever, as new headwinds replace pandemic challenges.
The past three years really showed how resilient small businesses are. They are problem-solvers. They pivot, they persevere and we stand by their side to help them solve the most challenging problems with confidence. We know our customers' problems well. They remain durable despite all the uncertainty in this rapidly changing world. Every small business needs to get more customers, needs to get paid and stay compliant and organized. Helping small businesses overcome these problems is fundamental to their success and their survival. This is why we show up to work every day. What we also know is that small business want a single platform that can solve their connected problems end to end. That's what we've created, a single platform to serve our customers' most pressing needs.
We have innovated rapidly and expanded the breadth of our ecosystem significantly over the last few years. Now with the acquisition of Mailchimp, we are truly solving small businesses' top problems end to end. By bringing customer and purchase data together, we're able to deliver unique customer benefits and expand our addressable market to $188 billion. The breadth of our ecosystem and the scale of our data allow us to deliver these benefits to more segments of small businesses than ever before. We've moved down market to serve the self-employed and we moved up market to disrupt the mid-market. We've expanded from solely a do it yourself offering provider to the assisted market with QuickBooks Live. Our efforts to deliver more benefits to even more customers are paying off, as you can see in our FY 2022 results.
We had a phenomenal year. We completed the Mailchimp acquisition earlier in the year and together we now have 7.1 million online paying customers expanding the scale of our platform. We had 38% total revenue growth but organically, we grew revenue 22%, driven by 24% QBO ecosystem ARPC growth. This year, our strength is really showing up across our ecosystem. Our payments volume is up 36% and capital loan originations are up 3x compared to last year. I am very proud of the team and what they delivered in FY 2022. When you zoom out, our FY 2022 performance is part of a decade-long transformational journey. Ten years ago, less than one-third of our customers were online and we were largely a license-based business.
Fast-forward to today, 80% of our total revenue comes from subscription and almost nine out of ten of our customers are online. When you put it all together, we now have a robust ecosystem built in the cloud, well-positioned to continue solving customers' top problems while making us more resilient in a downturn. This transformation of our business, plus the addition of Mailchimp, is an opportunity for us to redefine customers and ARPC as we've added more vectors for growth. While we are refreshing our definitions to reflect a more accurate view of our business, the growth formula of online paying customers and ARPC expansion is durable. Let me unpack this and make it real for you with our FY 2022 results. With updated customer definition, we now have 7.1 million online paying customers.
QBO subs grew 11% to 5.9 million, driven by 80% retention and 40% growth in QBO Advanced subscribers. We added 800,000 paying Mailchimp customers, of which more than half are in international markets. With an expanded customer base, we now have new monetization opportunities. We proved our ability to scale higher paying services with payroll and payments. Now with Mailchimp's ARPC being more than double the current QBO ecosystem ARPC and in combination with a large global TAM, it gives us lots of opportunity to increase share of wallet. In fact, online services now contributes nearly half of the total online paying ARPC of $692, which is up 37% year-over-year. Our strong customer and ARPC growth translates into record revenue growth.
In FY 2022, we grew total revenue by 38% year-over-year to $6.5 billion, driven by the strength of our online ecosystem. Online accounting and services grew 33% and 34%, respectively. We saw a 4-point improvement in ecosystem penetration globally and we are seeing fantastic ecosystem results in established markets outside of the U.S. with our services revenue up 65%. I'm very proud of the financial results our team drove as we execute on our customer back strategy. Now let's look forward. As has been true for the last several years and continued in FY 2022, our results are the reflection of our durable strategy to become the source of truth for businesses. Our three pillars of the strategy, grow the core, connect the ecosystem and expand globally.
Now let me share a few examples of our product innovation that brings this strategy to life. First, in our core, Big Bet 2, connecting people to experts, enters us into a $28 billion category of assisted services. We are rapidly executing our vision of becoming the leading virtual expert platform, which solves the critical problem so many small businesses face, a lack of confidence. It's especially true when businesses seek financial and business expertise and even more so in uncertain economic conditions. We are still early in unlocking this opportunity but saw strong 55% customer growth this year. In Big Bet 5, we have made a ton of progress disrupting the small business mid-market and there is so much more runway even within our existing base.
To give you a sense of this opportunity, across our online and desktop ecosystem, we have over 700,000 mid-market customers already using one of our QuickBooks SKUs. Now we are building both the product and go-to-market engines to ensure we have the right conversations and offer our full ecosystem to fit their specific mid-market business needs. This may include QBO Advanced and increased adoption of payroll, payments, time tracking, bill pay, Mailchimp and so forth. With all the innovation we're driving for mid-market customers, we're seeing strong adoption with 95% growth in customers with ARPC over $5,000. Shifting to Connect the Ecosystem and our Big Bet 4, being the center of small business growth, we have focused significant innovation on our money portfolio in the recent years but we're just getting started.
We see a future in which we put small businesses in complete control of their money by becoming the platform of choice for money movement and money management, providing easy receivables and payables, instant low-friction money movement, effortless cash flow management and broad access to capital. We're very excited about the potential in this space, especially in the areas that are ripe for disruption, like B2B payments. For example, more than 10 million non-QuickBooks businesses received invoices from QuickBooks customers in the last six months, enabling us to pull these prospects into our QB network easier than any other player. Continuing with Connect the Ecosystem, we are rapidly evolving our workforce solutions offerings.
Our vision here is to power prosperity for employers and their teams by reimagining how they work and grow, eliminating the administrative burden of people management with a scalable, integrated suite of payroll, time tracking, HR information systems, benefits, workforce management and hiring offerings. We are seeing good traction in small businesses adopting our expanded suite as the number of customers offering retirement benefits to their employees more than doubled this year. Last but certainly not least, when it comes to connecting our ecosystem and our Big Bet 4 , let me deep dive into the addition of Mailchimp to our portfolio. Prior to acquiring Mailchimp, we were not solving the top customer problem of helping customers get customers. We chose Mailchimp because it's the number one small business marketing platform with a large customer base diversified around the globe.
Together, Mailchimp's customer and QuickBooks purchase data enable us to deliver capabilities that help customers grow their business and manage cash flows all in one place as we become the source of truth for their business. This was our strategic thesis when we started exploring the acquisition and after nine months of working together, we are even more confident in the value we can deliver together for our customers. To deliver that value, we declared three priorities when we acquired Mailchimp and these priorities remain durable and we're already seeing good progress with them. First, we will become the end-to-end customer growth platform, bringing the best of QuickBooks and Mailchimp together. Second, we will expand our premium Mailchimp offerings and expand our go-to-market to deliver for the mid-market. Lastly, we will accelerate international growth with localized product and go-to-market motions.
Given Mailchimp's strength outside of the US and our priority to accelerate this trajectory, I'm excited to share that we've refreshed our international strategy. Having Mailchimp in our portfolio allowed us to take a step back and holistically think about our international growth strategy to better deliver on our third strategic pillar of expanding globally. With Mailchimp, we have a low compliance, universally scalable and proven global product that solves customers' number one problem of getting customers. This gives us an offering in our arsenal that we can lead with around the world. We are also seeing increased adoption in our QuickBooks ecosystem in establi shed markets where we have achieved product market fit, while at the same time, we've seen less success profitably scaling other emerging markets with more unique compliance requirements.
This is an opportunity for us to focus our investments. Going forward, we will lead with Mailchimp around the globe. We will also bring our full QuickBooks ecosystem to our established markets of Canada, the U.K. and Australia and are in the process of defining our future product presence in France. In all other markets, we will offer a lightly localized version of QBO on our global platform. I am very excited about this refreshed and focused strategy and the new assets we have to power prosperity around the world. Now let's come back to see how all of this innovation comes together for customers in a single end-to-end platform. We are building a connected ecosystem for small businesses to run and grow their business and we have achieved significant scale across the problems we're solving.
To highlight just a few, last year, we had over $2 trillion of invoices managed on QuickBooks. 17.6 million Americans depend on Intuit Payroll to get their paychecks in FY 2022. We have 165,000 QBO Advanced customers growing at 40%. Here's what's most important. The magic is in the ecosystem and how it all works together to solve customers' problems. Point solutions on their own are insufficient for a small business to be successful. A marketing automation solution that can't show you the ROI of your spend, a bill pay solution that doesn't understand your cash flow or a capital offering that doesn't know when you need to make payroll are all incomplete and force a small business to connect dots across multiple offerings.
The power of our integrated ecosystem is in the seams between our solutions, the insights and the automation we can provide and the friction we can eliminate to help small businesses and mid-markets thrive. Let me illustrate this with three very real examples. We know that small businesses' number one problem is getting more customers. Mailchimp alone can do incredible things to help small businesses grow. Once an email is sent or an ad is placed, it is hard to know how effective they are in driving sales. Mailchimp customers who use QuickBooks will see their order data and their actual sales show up in their books. In the background, we can connect Mailchimp campaigns and this order data to proactively inform our customers about how their campaigns performed.
We also know if they can spend more to continue growing their business efficiently. With our Cash Flow Planner, we can see if they have funds to invest in incremental marketing spend and make a recommendation for the optimal amount. If they don't have the funds to grow, we can offer them a loan through QuickBooks Capital. We can do it with confidence because we not only have predicted the ROI on their campaign but we also know their business health and creditworthiness from seeing their business end-to-end in QuickBooks. Together, these offerings keep businesses growing efficiently while managing cash flow, which is absolutely essential for their success.
The stress of cash flow is a constant for small businesses, especially as they try to navigate the gulf between money in from getting paid via their invoices and money out for running payroll. As a small business owner, one of the most stressful elements of running a business is the weight you feel for the livelihood of your employees. When cash flow is uneven, every payroll run can be a high-stress event. That's why we bring together our money portfolio and workforce solutions to help businesses manage cash flow and take care of their employees. When a business uses QuickBooks to send pay-enabled invoices, we know how much that business is owed and can predict when they will get paid based on prior invoices sent.
When the Cash Flow Planner that predicts 90 days into the future sees that there will be a cash flow shortfall to make payroll this week, we can suggest a Get Paid Upfront loan to the small business, allowing them to finance the outstanding invoice prior to their customer paying it. The loan can be deposited right into their QB checking account, where smart envelopes earmark it for their upcoming payroll run. When it's time to make payroll, it's automatically deducted from the smart envelope and paid to business' employees. All of these problems get only more complicated as small businesses grow, which is why we're building our ecosystem to grow with them and reduce the complexity that comes with scaling. While a smaller business may have a dozen bills to pay each month, a mid-market business can have hundreds.
These are often still handled with paper invoices and paper checks, taking hours to process and even more to correct the errors that are inevitably made with such manual processes. The QB Business Network and AP automation tools solve these problems for businesses. First, we have QuickBooks businesses already sending and receiving invoices between each other and we are building the QB network to facilitate finding and vetting other QuickBooks businesses. Once in the QB network, a business only needs to provide payment information to QuickBooks once. Never again exchanging bank or credit information with other businesses in the network, facilitating transactions and reducing the risk of errors. Soon, with our AP automation and bill pay services, we will help our customers not only manage their inflow of bills but we'll also facilitate payments to in and out-of-network customers.
As our customers reap the benefits of the business network and AP automation tools, they can invite other businesses to join and create a network effect. Next, as businesses grow and hire more employees, those employees' expectations and needs evolve. That's why we're building more comprehensive workforce solutions by facilitating benefits administration such as healthcare and retirement, all in one place, as well as offering a workforce app for employees where they will be able to take advantage of services such as early pay to help manage their own cash flow needs. These are just a couple of ways that we're disrupting with a full suite of services in our journey up-market and we're just getting started. To conclude, I am proud of what the team has built for our customers.
In FY 2022, we had an incredibly strong year and I am confident in our trajectory going forward. Our strategy is durable and grounded in our customers' needs, resulting in a differentiated end-to-end ecosystem. We have completely transformed our business with the vast majority of our customers in the cloud and on subscription. Mailchimp opens up incredible opportunities for us, including the ability to expand our share of wallet across both QBO and Mailchimp customer bases, as well as accelerate our international growth. Finally, we remain focused on customer and ARPC growth of 10%-20%. With that focus on customers and ARPC growth, we have updated our long-range guidance to 15%-20% total revenue growth. I am confident that we are poised to win as we remain focused on delighting our customers.
Next up, I'd like to bring up Varun to talk about our consumer group strategy.
All right. Good morning, everybody. Great to see all of you at Investor Day. I am so excited to speak with you today about the TurboTax business. You know, I've been with the consumer group for almost eight years now and it has been a privilege to be a part of the transformation of tax. I believe we're just scratching the surface of what is possible in this business. Today I'd like to spend a few minutes reflecting on our business performance over the past year, shift gears and we'll talk a little bit about what's ahead for the consumer group. Looking back this past year, TurboTax revenue has grown to $3.9 billion and that represents 10% year-over-year growth. What drove this growth was really two big levers.
The first one is the emergence of TurboTax Live, a business that scaled very quickly and has increased its surface area and its mix on our overall business with significant room to grow ahead of it. The second is our investment in under-penetrated segments. Self-employed, investor, Latino, revenue growing at over 20% year-over-year and similar to TurboTax Live, tons of runway to grow as well. These were the biggest contributors to our revenue growth, with total paid customer growth of 9% this past year. Now, I'd like to contextualize this in the context of the overall industry. Last year, total IRS returns were 163 million. 163 million returns that were filed last year. This actually represents a very rare decline in total IRS returns.
The reason for that is due to the COVID injection of one-time stimulus filers that actually left the tax ecosystem. When you normalize this and you look at normalized IRS growth over the 3 years, it's a more standard 2% per year. The key point that I wanna make is that over the past 10 years, TurboTax remains the fastest-growing segment within the industry and certainly the largest within DIY. That said, there is the assisted category. With 88 million filers, it is our largest opportunity for growth and is our primary focus for innovation and disruption. Let's talk specifically about this tax season. You know, over the past 3 years, we've increased our total share of IRS and we've delivered an average of 12% revenue growth.
If you look at this tax season, which includes our projections for the October peak, we project total IRS returns to be down 1% for the full season. Despite that, TurboTax grew its share of total IRS to deliver 10% revenue growth year-over-year. I am incredibly proud of this achievement and if we were to reflect on what really drove this, the first is that TurboTax Live is a platform that's just getting better and better. More collaboration capabilities, more sophisticated services and AI to do all the work, more ability to serve new and different and more complex filers. The second is our continued focus on segment-based innovation. This is product-specialized innovation that targets specific customers and drives confidence, whether it's investors, self-employed and Latino.
Our strategy is working and that strategy is translating into growth in average revenue per return, as well as paying ARR. We see a total of 4% growth in paying ARR and largely the biggest contributors to this are investments in TurboTax Live and under-penetrated segments. Now, before we move on to what's coming ahead, I wanna take the opportunity to just talk a little bit about our funnel. As we talked about, IRS returns declined 1% this year and we really see this as a market correction after two years of stimulus-fueled growth. Traffic to our properties remained incredibly strong at 123 million visits. We increased logins to 57 million and conversion remains incredibly healthy. Both DIY and assisted customers are coming to us because of our unrivaled authority in tax preparation.
Now is really an opportunity for us to double down on this interest and convert even more filers. We're gonna rethink our front doors, we're gonna improve and simplify our shopping and onboarding experiences and we're gonna improve our core product experiences as well. This will allow us to drive retention and loyalty of our massive customer base for years to come. I wanna shift gears and talk a little bit about what's ahead. The clear untapped opportunity for TurboTax growth is the assisted category. This is a very large segment and we have clear opportunity to expand with customers who go to EAs, CPAs and tax stores. We actually know that 68 million of these customers actually prefer and want to use a digital solution powered by expertise.
Every year, 10 million of those assisted filers actually switch tax prep methods because of the friction that they experience. Assisted customers are switching and the good news is we have exactly the products that they're looking for. Another untapped segment is taxes for small businesses. These are partnerships, LLCs, S corps and C corps. These are customers that pay thousands of dollars for expensive, manual and inefficient tax prep services year after year after year. We are super excited to help customers and actually expand our TurboTax TAM to include business taxes. As Sasan shared, this is really the power of the Intuit platform, whether it's through QBO, QB Live or the businesses that are coming to TurboTax, we're gonna leverage our platform to deliver a superior solution for small businesses.
This will now include a brand-new, fully assisted offering that's powered by TurboTax Live. Let's talk a little bit more about the customers that we're focused on that will drive our future growth. These are customers that we broadly split into a couple of key categories, customers that experience life events, investors, self-employed, as well as customers that go to tax stores. The one thing that's common about all these customers is that they experience complexity. That complexity erodes their confidence and it causes them to seek an assisted filing method. To give you a couple of examples, you might be a new investor who's trying to figure out the optimal tax strategies for navigating a down market. You might have become a self-employed YouTube creator and now you're trying to disentangle your personal life with your financial life.
You just experienced a major life event, so you walk into a tax store because you want the ease and assurance of an expert but what you really want is to get that refund as quickly as possible to cover the things that are happening in your life. All of these customers lack the confidence to do their taxes on their own but many of them are also losing confidence in their existing solution. I don't blame them because there is a lot of friction in the assisted space that customers have learned to put up with. For example, try getting hold of an accountant during tax season, whether it's through email or phone. It might take you days, weeks or even months.
Think about waiting for hours in a public environment like a tax store, then having to exchange information in public. Think about overpaying for services which can arbitrarily get more expensive, sometimes increasing by hundreds of dollars year-over-year, with no explanation for why the service fee is so high. To just knowing whether your taxes are done right with new complex areas like digital assets, crypto, NFT. Accountants also need to keep up with changing regulation, changing enforcement an d just changing calculations of how these things are happened. Confidence, money, ease are problems that all of these customers face. The good thing is these are the things that we do best.
We will help our future customers understand our superiority relative to any single tax preparer out there and that our digital platform, powered by TurboTax, powered by the Intuit platform is that better way. If I were to kind of recap our season learnings and what's ahead, we have a huge opportunity not just to attract new tax filers but also in launching innovations to better convert and retain our existing customers. 68 million assisted tax filers actually believe that a digital platform with help is the ideal way to prepare their taxes. It's that confidence that keeps them attached to their existing tax prep method. We will create confidence. We will create confidence to these customers through our innovation, through faster access to money and by the benefits that come from switching to TurboTax.
This starts right at the top of our funnel, the 17 million prospects that are super high intent because people don't casually search for tax information that we can convert. It's also the 3 million customers that actually use TurboTax. They get 100% of the way to tax prep all the way to final review, only to be confused or concerned by the outcome, to go to an accountant, get the same outcome and overpay for services. The 10 million customers that experience life events year over year that causes them to lose confidence and seek an assisted solution, even though TurboTax is capable of handling virtually all tax situations. When we see the world of tax, we see significant opportunities for growth.
With that in mind, I'm super excited to share with you the TurboTax vision, taxes done for everyone and our three key benefits of ease, confidence and money, the benefits that matter the most to all tax filers. Let me just take a minute and unpack some of the key rationale behind our vision. Tax is done. This is about the outcome and not the tax prep method. We want to ensure that every taxpayer gets the maximum outcome with absolute accuracy guaranteed. For everyone indicates any person or business who pays taxes in any situation. Over the coming years, we wanna be the tax preparer of choice for everybody, whether you're self-employed, whether you're an investor, whether you're a business, whether you're an expat, whether you're an amender, a procrastinator.
No matter where your life takes you, we are going to have your back. Finally, ease, confidence and money. We're gonna have the simplest product, absolute accuracy that your taxes are done right and fastest access to that most important paycheck of the year, the tax refund. This is what TurboTax stands for. This is what sets us apart. This is what will propel our growth in the future. Now, to realize this vision, we also refreshed our strategy to help customers realize that we have state-of-the-art software as well as the best expertise in tax on the planet. There are three core pillars to our strategy. The first is to persuade. This is about speaking directly to assisted filers. It's about raising heads, disrupting their existing tax prep relationships and bringing them to TurboTax.
Once customers start, our goal is to delight them and that means delivering an experience that is superbly tailored to their needs and will grow with them year after year after year. Lastly, accelerate. None of this is possible without state-of-the-art technology, world-class, performant and highly scaled. Now, I wanna take a few minutes and just explain how we are applying our strategy to the world of taxes. The first is around persuade. This is about disruptive go-to-market innovation. TurboTax really defined the DIY category but our growth is really gonna come from attracting new assisted filers. We're reimagining our entire top-of-funnel experience to really speak to assisted filers, from our go-to-market campaigns, to our front doors, to our shopping experiences.
We want assisted customers to see themselves in our products, which will break the calcified brand perception of TurboTax as DIY software. Once they start, we will give them a tax prep experience that's unlike anything that they've ever had before, one that will make them never wanna go back to the old way of filing. That's because the entire product will be personalized to their needs. If they're self-employed, if they're an investor, if they just need expert assistance, they will have an incredibly easy, accurate and confidence-inspiring experience. These experiences will sit on the next generation of the TurboTax Intuit technology platform that Marianna talked about earlier. Resilient, high quality, powered by data and personalization and innovation that allows our engineering teams to move faster than anyone else with better experimentation and better self-service capabilities as well.
Let me talk a little bit more specifically about what's coming this year and a few of the things that I'm very excited about. Now, as I shared earlier, our biggest lever for future growth is really gonna come from persuading assisted customers. With 90% aided brand awareness, we see millions of assisted customers already visit us. This is the power of TurboTax, unquestioned trust, unquestioned accuracy, unquestioned simplicity. On the flip side, we have 75 million customers that visit us. They view one-two pages before leaving and this is a huge opportunity. It's about converting those leads from curiosity into engagement. Additionally, 10 million filers are actively looking to switch providers every year. There's a good chance that they're coming to us to see if we're right for them.
A few of the things that will be really new this year to persuade our customers, we will have a transformational go-to-market strategy, one that is unlike anything that we've done before. We will significantly improve our integration with Credit Karma to create an amazing tax prep experience for Credit Karma members, as well as an instant refund experience that will be powered by Credit Karma Money. We're gonna be updating our front doors to speak directly to assisted filers. We'll be simplifying and streamlining our shopping, our onboarding experience. This is all focused around building confidence. Building confidence with assisted filers that TurboTax is right for them and to help them get started in a way that will be familiar to them. Let's talk a little bit about delight.
Once we've persuaded our customers, we need to commit to having the best experience possible. Whether you're an investor, a gig worker, a salaried employee or even a business, TurboTax will have you covered. We see a $22 billion TAM in the assisted category and we've added almost a $10 billion TAM for business tax that we've now added to our consumer group canvas. We believe that 20 million Americans plus will receive a 1099-K for the first time this year and this is because a threshold change in self-employed income from $20,000 will drop to $600, creating a major opportunity for us to drive confidence with this customer base. 17% of Americans own cryptocurrency.
There's a lot of fear, uncertainty and doubt in the world of crypto and this is an opportunity where regulations are actually catching up and it's an opportunity for us to demonstrate superiority and drive confidence. A few of the areas that we're really focused on to transform our product and to convert and retain customers. The first is better document and data capture. We're gonna make it so easy to just hand off your documents using a digital solution. We're gonna have the fastest self-employed flow in the industry. Our algorithms and our AI will find deductions, credit and expenses faster than any single accountant out there. We will completely reinvent our stock and crypto experience. We'll have new tools to traverse the blockchain. We will automatically keep track of historical stock prices.
We'll be able to calculate more complex investment transactions with little to no effort for the consumer. Last but not least, I'm super excited to share that we will have a significantly improved full service experience and we're also gonna have a brand new full service solution for business taxes, which will focus on LLCs, partnerships and S corps. Overall, better use of data, more powerful tools and services, all in service of driving confidence. Finally, our ability to deliver depends on the power of our platform that we build on. We've dramatically increased the resilience of our systems to support massive scale. We process $113 billion in refunds. We have the most robust financial profile with over 55,000 tax and financial attributes per consumer and over 60% of our consumers have a credit score attached.
With our customers' consent, this is an incredibly powerful platform to enable deep personalization with powerful AI models. Our mobile experiences are also a big area of investment with 52% of our traffic now on a mobile device. We're gonna improve mobile rendering, we're gonna allow us to import data from more providers and in general, enable a more seamless tax prep experience for all consumers. To wrap up, I would like to just recap our algorithm for growth. Our long-term revenue growth expectation is 8%-12%. This is driven by three factors, industry and category growth, our increase in share of total IRS returns and continued growth in average revenue per return.
I believe we are just at the early beginnings of what is possible in this business and what we can do to truly transform the way taxes are done for truly everyone. I am super humbled to be a part of this mission, a part of this business and I look forward to connecting with all of you on the road ahead. With that, we are gonna take a short break and we'll see you back here in a few minutes. Thank you, everybody.
Please take your seats. The program is about to resume. Please take your seats. The program is about to resume.
If everyone can take their seats. I'm gonna pull you out of the snack area. Come on over and sit down. We are ready to get started. Just give you all a chance to sit down. Okay, so I think we're getting to critical mass. It is my great pleasure now to welcome up Ken Lin to talk us through our strategy for Credit Karma.
Thanks, Kim. Hello, everyone. Really excited to be here with you today. If I do my job well today, I'll be able to give you a better perspective on how Credit Karma operates and some of the plans that we have in regards to our execution. To start, because we are the newest segment within Credit Karma, I thought we'd anchor around the business metrics and give you some context of how we performed over the course of the last three years. First, you know, we're really excited and proud about the fact that we've been able to drive our revenue roughly 58% year-over-year at $1.8 billion. To double-click into that, it's really driven by three important effects. First is the COVID uncertainty aspect of the business.
When times are rough, consumers turn to Credit Karma, they engage more a nd they look for financial advice. That's one key aspect of what we've seen over the course of the last couple of years. Next is really our product differentiation, right? Our ability to innovate in the space and Lightbox is one of those hallmarks that we have leveraged. You know, we have seen our Lightbox adoption rate at 70%. We have seen more partners increase the volume that they have used Lightbox. Third and foremost is we continue to expand our overall business. What was historically focused on credit cards and personal loans, we've been able to expand into new areas like auto loans, home equity and even money. We're happy to report that over the last couple of years, we've seen those growth verticals more than double.
Now, with that as context, I really wanna talk about the member problem because I think this is the piece that is most important. This is how we think about building the business each and every day, which is the focus on helping our members solve the core problems that they see. The reality is that consumers are very confused and they're frustrated about how you know, the financial services system works. Most consumers are having problems making ends meet. Most consumers don't have even $1,000 in savings, right? When you think about that is one car accident, that is one unforeseen trip to the medical emergency room that really sets consumers back.
You know, the reason why all this happens is because the financial services system is highly fragmented, it's very complex and consumers just don't understand how to navigate it. With that is as context, you know, our vision is to change that complexity. Our vision is to change the world where consumers actually understand their finances and actually are able to make ends meet. This is a vision and a mission that is very dear to me because if you go back to that prior slide, it's my family. A lot of those stats and that, you know, it's what I have lived. You know, that makes it significant, it makes it personal. I would say that, you know, our goal here is three-pronged. First is we wanna help consumers understand their overall picture.
The challenge in this space is that all the data is fragmented. You have to go to one particular credit card company. They don't know anything about your savings account. They have no idea what you're doing from an auto insurance perspective. We can combine all of that data into one platform. Now, with that data, we can help our members make smart money financial decisions, right? You know, I always like to say, finances is just math and data and computers are very good at solving those problems with enough data, with enough of the right algorithms. We believe we have all of those things within the Credit Karma platform. Then lastly, through automation, we think that we can help our members stick with the plan that is created.
We believe we can help them make financial progress by automating some of the most tedious tasks and making sure that they get to focus on what is really important to them and whether that is buying a home, whether it's a college education, whether it's saving for a vacation. It doesn't really matter. We can simplify that process so that our members can achieve the goals that they have. Now, when I talk about the ecosystem of Credit Karma, it's important to note that there are many factors in this space, right? First is we have the consumer aspect of it, which we wouldn't exist if we didn't have this.
Along with that, we've connected all the various data points that are really necessary for financial services companies to make decisions on underwriting, on credit lines, on whom to approve, right? We get proprietary information from the credit bureaus, information around income from TurboTax and payroll and a lot of other data that really drives engagement and drives stickiness. With that, we build products that consumers look at time and time again. For example, our ability to monitor the consumer's credit score, the changes in credit reports, real-time inquiries, right? That drives a strong engagement loop. What's also important to note is that we have a direct relationship with each and every one of our members.
Rather than being a data broker that is selling data without the awareness of the consumer, without permission, we have a first-party relationship with each and every one of our members. Th ey have consented to giving us their information and we are in turn creating value from that information and insights for them and actually giving them a look at what the financial services companies get to see from an underwriting and banking perspective. Then lastly, we continue to innovate and integrate with some of the largest financial services companies in the world. We have unique APIs with several banks and financial institutions that allow us to do things like Lightbox, allow us to do things like get loans faster into the hands of our members.
Now, with that as a platform, you might say, well, what's differentiator, what's unique? Can't anyone replicate it? Now I would just note there are several important aspects of a business that we have built over the course of the last 15 years. First is scale, right? Banks really care about scale. Our ability to drive large customers to make real innovations and that matters. With 129 million members on the Credit Karma platform, we have that. Next is really this idea of trust and innovation or yeah, trust and engagement. You know, we continue to see our members, you know, think about Credit Karma in times of crisis, in times of uncertainty.
What we're driving is this ability for consumers to really get a sense of which products they're qualified for and how to move forward in their financial life. That has always been an important aspect of what we do. Now and then, you know, when you think about the data capabilities and all the information that we have on our platform, it's quite immense, right? What is happening in this space is more data is being used in every aspect of financial services and we get to see all of that on the Credit Karma platform and that is also unique. We have over 55,000 data points on our members that, again, that banks oftentimes are using to determine eligibility and the right marketing and targeting aspects of the deal. You know, for this is an important aspect.
It's the uniqueness that no one else in this space has and the uniqueness that is very challenging to replicate. Next, let me talk a little bit about Lightbox. Let me double-click into that. This is one instance of how we take all of that information and create a product for it. Lightbox is our enterprise solution for large banks and consumers. If you understand it, you know, 30, 40 years ago, underwriting was very simple. You take a credit score, 699, you're declined, 700, you're approved. Well, today it's a lot more complicated than that, right? Today it's thousands of variables. It's big data, it's machine learning. In reality, the complexity of it is no consumer could really understand whether or not they really qualify for that product.
What we have done with our Lightbox platform is we've basically replicated that logic, that ability all within our platform. Members who are on our site can see what products they're qualified for before they apply. That's really important because one of the challenges in the space, the consumer problem is that if you don't know what products you're qualified for, how do you actually compare, right? That process is why consumers continue to be stuck in terms of not making headway. Why does this work well for us? Well, for consumers, you know, Lightbox, it creates that certainty. It creates that aspect of knowing that the products that you see you'll be qualified for. For our partners and our banking institutions, well, it's important because we're able to elevate the quality of consumers that they're getting, right.
If you think about it, declining a customer is not good for anybody. It is bad for your NPS. It's bad from a cost perspective of the data that you have to buy. It's bad for the customer service reps that you have to use to answer the phone when somebody is inevitably angry with you. What we are able to create is a win-win-win situation where consumers are able to get the highest quality certainty offers on our platform. Our partners are able to drive the ideal target customer for them. Credit Karma is a technology platform that drives all of it, right? Our model is we get paid when a consumer is matched with the right product. When I say matched, I mean approved. We really align our interests with that of the consumer.
Now, looking forward, I'm gonna talk a little bit about our strategy, right? We have three components of this. First is we really want to continue to grow our core business, which is credit cards and personal loans. We think that, you know, Lightbox is really our strategic differentiator in that. Ne xt is this idea of growing our growth verticals or expanding our growth verticals in the form of auto insurance, auto loans, home equity mortgages. Third is we want to bring the ecosystem together by making sure that we're developing our emerging verticals, which is our money component. Let me do a double click into this and walk you through a couple examples of how we think about each one of these particular verticals.
First is, you know, as I've talked a little bit about Lightbox. Well, there's an aspect of it that is the enterprise solution. We're bringing that now to the forefront with a consumer solution, which is we are so sure that you will be approved for particular offers. We're now launching Karma Guarantee, which is us putting our money where our mouth is. If you're not approved for that product, Credit Karma specifically will pay the consumer, you know, $50. This is really important in context to consumers who don't know and don't have a lot of certainty of what products are qualified for. In August of 2022, we had over 80,000 transactions within the Karma Guarantee platform. Next is this idea of Easy Apply.
If you really think about the credit application, it's oftentimes tedious. It's oftentimes complicated. Well, the good news is Credit Karma with our 55,000 data points, we can actually pre-fill that application on a consumer's behalf. This is actually more important as things become more mobile, as application forms get more complicated. The good news here is our early test results show us a 20% increase when we use the Easy Apply platform. Simple examples of how the data, the consumer and then the integrations with the banks are really making progress from both a business perspective but most importantly from the consumer perspective. Next, I want to talk about our growth verticals and a couple of important examples here.
When you think about what is involved in a mortgage, for example, what you realize is a lot of data collection, a lot of paper collection, right? A loan consultant is calling you for your W-2. They're sure checking to make sure your credit qualifies. They're making sure that you have your banking statements. Here we have all that information. An example of us bringing all of this to life is our pre-approval letters, right? Which allow us to give you a pre-approved mortgage letter with just a few simple clicks versus all the other work that's historically happened in this space. We're excited because that actually drives a 60% increase in conversion. We're able to send and deliver that preapproval letter. Let me talk a little bit about Karma Drive.
You might have seen some of the examples upstairs. In addition to all the things that we're doing in financial services around loans and mortgages, we're also innovating on the auto insurance front. Something like $21 million of overpayment is happening each and every year in the auto insurance space because people are underwritten based on credit, their age but not necessarily how they drive. We're going to where the puck is going to be by using telematics and usage-based insurance so that consumers will actually get discounts based on how they drive and we're happy to announce that, you know, we have 2.3 million enrollments in the space. We have over 204 million trips and nearly 2 billion miles.
When a consumer gets a discount via Karma Drive, they're on average able to save roughly $300 in this space. Lastly, I wanna talk a little bit about Credit Karma Money. This is really our emerging vertical. This is important for us for a couple of reasons. First is that when you think about Gen Z, this is an opportunity 'cause not everyone has a credit score and really the next generation of consumers are thinking about money in a completely different framework than you and I. I think there is an opportunity for here, for us here to, one, drive more engagement but two, make sure that we actually are at the forefront of digital innovation when it comes to the wallet and how consumers are thinking about money.
In that context, we are thinking about faster access to money really is important. Our ability to help consumers, you know, build their credit is another really important aspect of Credit Karma Money. Let me double-click on that, right? Our Credit Builder product, which you might have heard about upstairs, is really transformational. Historically, building credit is really challenging and that's really where Credit Karma grew up in understanding that nuance. We are able to help consumers build credit by simply putting $20 away each and every month. What we have seen in our early days and early success is that, you know, scores are improving roughly 21 points over the course of 30 days and that might not seem a lot to the people in this audience but for a consumer who doesn't have access to the credit.
That is the start, that is the foundation and that's how we continue to build trust. Next, let me talk a little bit about the ecosystem itself. While Tim asked not for a lot of questions, I got a lot of questions about, "Hey, how does Intuit ecosystem power in Credit Karma?" I'll talk about it in four flavors, right? First is this notion that we are able to drive more consumers to TurboTax. In fiscal year 2022, we were able to do an instant refund calculator. With that, we saw over 700,000 engagements. When people engage in that particular front, they're 70% more likely to leverage TurboTax in their returns. Next is there's a really big opportunity for Credit Karma to grow via the large Intuit customer base.
In fiscal year 2022, 25% of the customers on Credit Karma were originated or created via that opportunity. Third, the integration with Credit Karma Money and TurboTax. Each and every year, $113 billion, roughly, of refunds are created through the TurboTax platform. Here in just last year, we're able to drive over $3 billion of refunds into the Credit Karma Money product. We're able to drive over half of our Credit Karma Money acquisitions through that integration. Then lastly, we're just starting to scratch the surface when you think about the QuickBooks payable, right? There's $200 billion worth of payable that goes through that system each and every year. What we know is that Credit Karma Money, the challenge in that space is getting money into the system. Consumers have no problem getting money out of that system.
When we're able to connect all of these pieces together, we're able to create a synergy and an opportunity that drives more engagement and more trust with our platform. In closing, I would note that our long-term growth expectations are 20%-25%. They're really driven on three key important pieces, right? I'm on the wrong slide. Sorry about that. Let me talk quickly about the TAM piece, which is, you know, as you look at this space, what we see is that when you look at the core business, there's roughly $17 billion worth of TAM. We see, by the way, every transaction or every origination in the mortgage space. We're able to drive 7% of all transactions today.
When you look at our growth verticals, which is auto insurance, auto loans and mortgages, we're less than 1% share of wallet and share of transactions today. When you look at our overall emerging verticals, we're roughly $32 billion of opportunity in that space. Long term, we expect to see 20%-25% growth in the business. We see driven in three core components. One is more member growth. Two is going to be our ability to increase the engagement of our overall user base. Third is our ability to increase the monetization of that user over the long term.
What I would close with is that, you know, the challenges that we see in financial services and consumers specifically isn't new but the platform that we have created will bring about innovation and opportunity for us to change the way that people think about money, bringing new solutions and a way for people to actually make progress. With that, I'm gonna hand it over to Michelle.
You can keep that. Thank you, Ken. Appreciate that. Good morning, everyone. I know it's been a long morning, so I wanna thank you all for spending part of your day with us and for your continued support of Intuit. We're almost to the end. I'm the last one before Q&A, so, just hang in there with us. I also wanted to say, I've spoken to a number of you. It's really great to see people in person again. Thank you all for attending. Today I'm gonna share how our global AI-driven expert platform, our strategy there translates into our financial results and how our financial principles continue to guide our thinking. Similar to what I've done in the past, I'm gonna start with a look back.
So you'll see on the left side of the slide, you'll see the key objectives that we outlined at last year's Investor Day. On the right side, it shows how we performed against those objectives. Our performance in 2022 was strong across each of our businesses and we achieved our goal of double-digit revenue growth with 32% growth at the company level, including the addition of Mailchimp and a full year of Credit Karma. Excluding Mailchimp, revenue grew 24%. Our combined platform revenue, which includes small business and self-employed group online ecosystem, TurboTax Online and Credit Karma revenue, grew 45% in FY 2022 and that was 34% excluding Mailchimp. We grew GAAP operating income by 3% and non-GAAP operating income by 29% for the year.
We also remain pleased with the consistent increase in our dividends and our ROIC reflects the acquisition of Mailchimp. Now, we use our financial principles to guide the decisions that we make. Let me provide a little bit more color here on each of these. First is to grow organic revenue double digits. We continue to see large opportunity ahead as we expand the set of customer problems that we address through a broader set of products and services. Next, we focus on growing operating income dollars faster than revenue. It's good discipline for us, you know, each year to approach the new year with the idea that expenses are growing slower than revenue. We do expect to see margin expansion this year and continuing over time. Next, we deploy cash to highest yield opportunities.
Whether we're looking to expand into new products and services, considering acquisitions or as we invest more deeply into our technology platform, we target a 15% ROI over five years. The threshold is really key to us making sure that all investments will deliver for years to come. After this, we return excess cash to shareholders. This speaks to our stewardship of how we handle the capital that we generate and comes in the form of buybacks and dividends. Finally, we manage to a conservative investment-grade balance sheet that can really sustain our business through all types of economic cycles, including something like the uncertain macro environment that we see today. A moment ago, I shared that our combined platform revenue is driving our growth and we expect that this will remain the case going forward.
In 3 years, we expect more than 80% of our revenue to come from these offerings. We'll also continue to support our customers who are using our desktop offerings. As we shared before, we have a highly predictable recurring revenue model. Approximately 80% of small business and self-employed group revenue is subscription-based and that's including our desktop accounting offerings. We also expect more than 80% of our revenue this year to come from existing customers. Customer growth remains an important part of our strategy across all of our businesses. Starting with SBSEG, on the left side of the slide here, you'll see total paying customers. This includes online paying customers and desktop accounting subscribers. With the addition of Mailchimp, we're updating our online customer definition, as Alex mentioned and that's beyond just QBO subscribers.
We're now including standalone services customers who subscribe to a service that is not connected to QBO and Mailchimp paying customers as online paying customers. As a reminder, in the fall of 2021, we made a decision to transition to a subscription model for our desktop lineup with the 2022 release. We're selling our desktop accounting offerings as a subscription only and no longer selling desktop units. Our desktop base remains relatively sticky but we continue to see the majority of customers who are new to QuickBooks choosing QuickBooks Online. On the right side of the slide, you'll see that we grew QuickBooks Online ecosystem ARPC by 24% and online paying ARPC by 37%.
Looking ahead, the addition of Mailchimp really provides significant ARPC growth opportunities as we build a single platform where small businesses can run and grow their businesses. As Alex shared earlier, we're well on our way to becoming the source of truth for more small businesses. We still have a large runway ahead with small businesses and mid-markets, with those customers in the U.S. as well as internationally as we execute on our acceleration priorities with Mailchimp. Now, moving on to the consumer group, we continue to see traction with our goal of growing our share of total tax returns. We're pleased with growing our share of total returns despite total IRS returns declining about 1%. We also grew average revenue per return again this season and we continued to transform the $21 billion assisted segment with TurboTax Live.
We achieved a significant milestone this year with TurboTax Live revenue reaching $1 billion, growing about 30% and TurboTax Live customers growing 20%. As Varun mentioned earlier, we continue to see plenty of runway ahead as we transform the assisted segments, double down on underpenetrated segments and expand our TAM by $10 billion to pursue business tax. Moving on to Credit Karma. We have a large $85 billion TAM across the three verticals that Ken talked about. We grew our share of credit card and personal loan transactions on the platform to 7% and have a significant opportunity to increase penetration in each of the three verticals. The business finished this year with revenue growth of 68% year-over-year on a pro forma basis.
That's driven by both credit cards and personal loans and the team is really focused on continuing to drive growth through innovation. On the right side, you'll see the key drivers of Credit Karma's revenue growth. As we innovate for our members and beyond core verticals and into growth and emerging verticals, we expect to drive higher member engagement and higher average revenue per monthly active user. Now, everything we do, as, you know, Sasan mentioned earlier, everything we do is really customer-backed. Across all of our businesses, we're able to improve monetization as we accelerate innovation and increase the value we're providing to our customers. ARPC is not something that we manage to. It's really the output of the various decisions that we make regarding customer and revenue growth.
This year, again, we saw an increase in our ARPC across all of our businesses. Starting with small business, you'll see that we have provided historical data for ARPC for our online paying customers. Going forward, we expect online paying ARPC to increase and this is really due to our maturing customer base, increased monetization via online services, including Mailchimp, which has a higher ARPC than QuickBooks and higher value offerings like QBO Advanced and QuickBooks Live. Turning to QuickBooks Desktop, we expect ARPC to increase due to the mix shift of customers from outright units to subscriptions and enterprise growth. In the consumer segment, we expect to see an increase in ARPR as we continue to transform the assisted category.
For Credit Karma, we expect ARPC to increase due to more engagement, as Ken mentioned and that's engagement by our members and then also the share gains within the core verticals, as well as scaling the growth in emerging verticals. Durable revenue growth and disciplined investment have driven our operating income growth historically and we remain focused on both going forward. On this slide, you'll see our long-term expectations for the P&L. We expect each of the expense lines to be flat or flat to down as a percentage of revenue over time, as our platform evolution enables new drivers of operating margin expansion. Fiscal 2022 operating income grew slower than revenue due to investments we made in stock-based compensation and the impact of Credit Karma and Mailchimp acquisitions.
In Fiscal 2023, we expect GAAP operating income will grow slower than revenue due to these investments but our non-GAAP operating income will grow faster than revenue. At a high level, our approach to investment has not changed. We invest in the highest-yielding opportunities with a focus to drive durable growth and accelerating speed, all within the context of our financial principles. We continue to prioritize investments in our Big Bets and we'll continue allocating a large portion of our investment dollars into these areas to drive durable growth over the long term while being very deliberate about expenses in core innovation and running the business. A key element of our financial principles is to grow operating income dollars faster than revenue.
As we lean into our platform strategy, we expect to continue to expand margins this year and over time. As Marianna mentioned in her presentation, we're increasing the velocity of development on the platform to deliver even faster benefits for customers across all of our products and services. This includes our AI capabilities, our expert services, money movement, data exchange and fraud and risk capabilities. We're scaling our customer success platform across our products and services to more efficiently serve our customers by leveraging AI. Our go-to-market capabilities leverage a common infrastructure to effectively target and manage the sales and marketing process efficiently. Now we have a solid track record of margin expansion on a non-GAAP basis, from 33.6% in FY 2019 to 35.4% in FY 2022.
Even with the additions of Credit Karma and Mailchimp in fiscal 2021 and 2022 respectively. We're guiding to non-GAAP operating margin expansion of approximately 100 basis points for fiscal 2023. As I mentioned on the Q4 earnings call, our fiscal 2023 guidance includes stock-based compensation of $1.8 billion, which is an increase of 39% over last year. Approximately 25% of this total is equity that was granted as part of the Credit Karma and Mailchimp transactions and approximately 75% of this is related to our broad-based equity program that's really designed to attract and retain and incentivize our employees. Looking ahead, we expect stock-based compensation as a percentage of revenue to flatten over the next few years from the 12% that is embedded in our FY 2023 guidance.
Note that the transaction-based grants largely vest over three or four years and will therefore be included in expense for a few years yet. We're confident, though, that our decisions around stock-based compensation are the right decisions to attract and retain great talent and drive long-term growth. It's important for us to be effective stewards of capital and this includes investments in organic growth drivers as well as acquisitions to accelerate progress against our strategy. Over the last four years, we've returned about $6 billion to our shareholders through share repurchases and dividends. We repurchased approximately $2 billion in shares during FY 2022 and I'll touch more on repurchases in a minute, as it remains an important tool to return capital that can't be invested profitably in the business.
As for dividends, our board declared a 15% increase in the dividend for fiscal 2023. Our philosophy and principles on share repurchase remain consistent with what we've shared in the past. We limit repurchases to cash that can't be profitably invested in the business or used to make prudent acquisitions. We apply rigor to this process by utilizing a smart grid to drive various levels of repurchases at each price range. It's really with the goal to exceed our cost of capital on average. At a minimum, we expect to offset dilution from stock-based compensation over a three-year period. Subject to market conditions and other factors, you know, our aim is to be in the market every quarter.
We're a data-driven company and we review external indicators as well as our own internal KPIs on a regular basis to keep close to market and macro trends. Sasan mentioned earlier, we have an Intuit operating system and we begin with an external look at the macro environment, which informs our six-year goals and our three-year plans. The scale of our platform, along with our rich data on both small businesses and consumers, gives us a unique ability to monitor leading indicators as well as our own internal KPIs on a daily and weekly basis. This really allows us to be more forward-looking and adjust very quickly. The operating system we use to run the company includes a proven playbook for operating in both good and in difficult economic times.
Our first priority is to do the right thing for customers, giving them access to the tools and offerings that they really need most. Second, we manage for the short and long term and control discretionary spend to deliver strong results and maintain earnings power. Third, we play offense by investing aggressively in the largest opportunities for the future. These principles are intended to accelerate our innovation in the future and our goal remains for Intuit to emerge from any economic cycle in a position of strength. Now, looking ahead, we're pleased to be guiding double-digit revenue growth of 14%-16% for the company in fiscal 2023. This guidance is what we released back in August, so there's no changes here.
Although you will see that we changed the name of the ProConnect group and it is now the ProTax group. The guidance for operating income and EPS are also unchanged since August. We exited FY 2022 with real momentum and we expect this to continue as we make our way through fiscal 2023. We remain focused on making the right investments to drive durable growth across our businesses. With that context, our long-term expectations for Consumer Group and Credit Karma revenue growth are unchanged, as Varun and Ken shared earlier. As we highlighted on our earnings call last month, we now expect small business and self-employed long-term revenue growth of 15%-20%, which is up from 10%-15% previously. We're no longer providing specific online ecosystem goals.
We expect growth to come from 10%-20% increase in online paying customers and online paying ARPC. We don't expect the desktop ecosystem to be a growth driver for the long term. In summary, fiscal 2022 was a dynamic year for Intuit and we're well positioned to continue our strong performance for fiscal 2023 and beyond. Our AI-driven expert platform unlocks opportunities to better serve customers across all of our businesses as we focus on offering them the products and services that solve their biggest problems. I look forward to connecting with you all throughout the year and keeping you appraised of our progress. With that, we are going to take a short break and then we're going to come back for Q&A. Thank you.
Please take your seats. The program is about to resume. Please take your seats. The program is about to resume.
Yes. Can I start? All right. Welcome back from that extremely long break. Everybody here and on the webcast, I hope you've had a great experience. This is the Q&A time before we get into lunch and we were informed lunch is for you all. We're not supposed to have lunch but only answer your questions. The Q&A will extend into lunch. Hey, in terms of the Q&A, one, if you could raise your hand and a mic runner is gonna come with a mic. Wait for the mic. If you could state your name and who you are with when you ask your question, that would be wonderful so that everybody in the room knows and everybody on the webcast knows. If we are ready to go, let's start here.
Hey, Sasan. Thank you. Alex Zukin with Wolfe Research. I'll first give a compliment. You know, some three-hour analyst days feel like six. This one felt like one, so just a great job all around. I counted a few unicorns and a few centaurs based on the companies and the products that you guys demoed. The main question we get is your level of confidence, the inspiring financial metrics, product metrics on the backdrop of, you know, an impending, at least highly volatile macro environment, if not, you know, a meaningful recessionary environment. I would say the burden of proof is on you to prove the resiliency and the durability of the business model through that time. What gives you that conviction?
Because at least in the initial investor conversations that we've had, it feels like the guidance for fiscal 2023, the momentum that you had out of fiscal 2022, you know, probably sets up at least a tougher comparable than in the prior year. What gives you that conviction, particularly around the Credit Karma and Mailchimp side, which could have more, let's call it, you know, headwinds on at least earnings growth in fiscal 2023? Subsequent to that, 'cause everybody, every analyst loves multipart questions, the capital allocation strategy and particularly, basically the two questions we ask everybody is macro and M&A. Your approach as we enter this more volatile environment with hopefully, you know, less unicorns and more centaurs, how you approach M&A through this would be super helpful.
Yeah. Awesome, Alex, thank you for the question. By the way, we've been getting this question a lot since earnings, so I appreciate you asking it. Let me just maybe say a couple of things and just expose all of you to our process. You know, first and foremost, we take guidance very seriously. We are very rigorous, very disciplined and very intentional in how we set guidance. We don't just take the current trends and roll them forward and hope for the best. Here's what we do. One, first and foremost, the way we run the company, we do a bottoms-up forecast. We look at all of our KPIs on an ongoing basis. And that really informs how we think about guidance. It's very much detail-oriented and bottoms up. That's sort of number one.
The second thing I would say is just more of a reminder of what we talked about at earnings, which is 35% of the company is tax. It's consumer tax and ProTax. Great times, bad times, that 35% is about as bulletproof as it gets and high margin. The second is 51% of the company is small business. And out of that 51%, 80% of that 51% is subscription-based and Mailchimp actually added to that 80%. Which means the other 20% is transactional based, right? Payments, payroll, those types of things, time tracking. We take that into account when we think about guidance. Good times or bad times, we take that into account. Then last but not least is Credit Karma, which is 14% of the company. In Credit Karma, demand is great in good times.
It gets even better in bad times. It's actually as predictable, if not more, than tax because consumers take out more than 1.5 financial products every single year. Demand is very predictable. In a macro environment, the supply side is the tough part. It is out of our 100% of revenue, that 14% is the most volatile in macroeconomic times. In that context, we take all of that into account when we think about guidance. Let me just double-click on Credit Karma because I know that's on a lot of your minds. You know, we expect. First of all, let me start with a broader point. Almost all the verticals that we serve in Credit Karma have been impacted by the current environment. Credit cards to a lesser extent. We actually expect personal loans to decline year-over-year.
We've included that in our guidance. We actually believe that Credit Karma will grow single digits in the first half of the year. The second half of the year is where the acceleration will come in and the acceleration has nothing to do with the macro environment. It's all the innovation that you heard about, Karma Guarantee, Karma Drive, the integration with TurboTax. That's what informed the 10%-15% guidance that we gave on Credit Karma. If I were to pull back the nose of the plane and sort of zoom out, I'll end with where I started, which is we take our commitments very seriously on guidance, whether it's good times or bad times, to bottoms-up forecast, KPI-driven, data-driven. Then the second is 35% of the company's tax, 51% is small business, majority of it subscription-based.
The majority of the company is high recurring, predictable, subscription-based business. That's the way we thought about the sort of macro environment and how that informed guidance. Last thing that I'll say and then you had an M&A question, is reminding everyone what we see. We see consumer spending. We see the number of employees that our small businesses have hired. We actually see hours worked by employees. We see delinquency rates. There's a lot of data that we see that informs how we run the company, again, in good or bad times, which actually allows us to play offense while making sure we deliver on our commitments to all of you. That was the answer to the first question. The second question around M&A, listen, our philosophy does not change in good or bad times.
For us, you know, it's all about, is there something that we see in the marketplace that accelerates our time to market? It could be a tech tuck-in, like Applatix that we acquired, I think 18 months ago. It could be access to omni-channel capabilities like TradeGecko that we acquired several years ago. It could be a company that comes with full capabilities that accelerates our vision around our Big Bets, Credit Karma and Mailchimp. When we look at an environment like this, we don't become hungrier because valuations are down, because acquisitions are very important decisions for us. Acquisitions are hard to make work, which is why we do our due diligence upfront around being a strategic fit and a cultural fit. Our principles don't change.
Well, many of you are gonna be mad at me 'cause I don't know who to go to next but here we go.
Thanks very much. Brad Zelnick with Deutsche Bank. Really great to see you and everybody else in person today. Sasan, I wanted to ask about B2B payments, where in one of the breakouts I saw a very compelling demo of the QuickBooks Business Network and yet at the same time, which I believe is in beta but at the same time, if we looked at your presentation where you showed the different innovation investment horizons, you had B2B payments at horizon three, which was, I think, 36 months or so out. Can you bring those together in helping us to understand the vision, strategy and interoperability with other parties? How open is this? And ultimately the monetization strategy for B2B payments.
Yeah. Absolutely and maybe I'll tag team this with Alex. First and foremost, we view managing money in and money out for small businesses as very strategic part of the ecosystem because it's all about cash flow. We've spent seven years, as you heard from Marianna, building out the infrastructure across the entire stack, in this case, money movement. Now that's allowing us to accelerate our innovation. You know, we didn't come up with this B2B network opportunity or automating all accounts payable overnight. These have been opportunities for years. We now have the capability to accelerate the innovation. As you said, B2B is in beta but we're also very intentional about what we share with you about innovations and then as I mentioned earlier, our say do and our commitment to you matters a lot.
We are framing that as a horizon three idea to communicate to you, "Hey, we believe that will deliver material customer and revenue growth in the out years. And, oh, by the way, we don't count on that as we think about FY 2023 guidance." Don't confuse where we share it with you on the horizon framework as a lack of urgency. This is an area where we have incredible urgency because it's important to our customers. We have a massive network of customers in our business and they're not getting paid for their money and we're now digitizing and automating all of that. We have almost $800 billion of bill pay that's recorded in QuickBooks. We have an opportunity to help all of those customers.
We are moving very rapidly with the innovation and thinking about how do we have breakthrough adoption and then monetization, which we'll reveal at the right time. Don't confuse that with where it sits on the horizon framework. That's really more our commitment to you. Don't count on that. We're not counting on it in terms of our guidance but it's a massive opportunity and we view it as something that we're very urgent about. Alex. Where is Alex? There he is. Would you add anything?
You know, the only thing that I would add is, let me expose you a little bit to how we think about sequencing and how we think about roadmaps. So, you know, you've heard from us for a number of years just the massive opportunity we have in invoices, right? 400 million invoices being recorded inside of QuickBooks. We had to start with what was most simple. All of those or many of those are being paid via check. You've seen the investment that we've made and the penetration with the results of being able to digitize those invoices and make them payment-enabled. We're enabling that and feel very good about the capabilities we built there. B2B requires a different level of capabilities.
We have the core money movement capabilities but the real need for B2B payments is when you start to move into the mid-market, where now you're not just paying, as I said on stage, a few payments every month but you're now paying dozens. Well, in a mid-market company, you have multiple users that now need access to QuickBooks. Two, three years ago, QuickBooks was a one-user product. Once we moved into the mid-market, we had to add more users. We had to add the capabilities that Marianna talked about earlier in terms of roles and permissions. Now, QuickBooks, with QBO Advanced, is a multi-user product. That now allows us to go into B2B payments in a much more effective way.
We've been very intentional about the sequencing of how we think about tapping into the full $2 trillion opportunity that is payments inside of QuickBooks. I think you'll now see us accelerate as we start to bring those together.
Great. Thank you, Alex. Yes. Oh, Mike over here. Sorry.
Great. Thanks so much for a wonderful analyst day. Learned a lot here. Maybe one on TurboTax. You know, this is Brad Sills from BofA Securities. We think of TurboTax as a do-it-yourself brand. It's a consumer product, so brand matters. You're making the leap towards TT Live and TT Full Service now. I assume you feel like you have that CPA talent pool in there to be able to go after those kinds of use cases. How do you drive awareness? What is the hurdle to get those 68 million filers that are using Assisted, that are interested in digital, to kind of make that leap with TurboTax Full Service?
Yeah. Thank you for the question. In fact, you know, this is a four-year journey that we have been on and that four-year journey has been filled with tons of learnings. I mean, what we talk to you about is it's a billion-dollar business growing 30%, which we're very proud of. We're actually more proud of all the things we've learned, all the things that haven't gone well, which informs what we need to go do. As you heard Varun talk about, based on what we learned in the last year, we are completely revamping our go-to-market in terms of how we raise awareness. Customers are aware of the fact that they can get expert help. However, what they don't understand is how is that gonna work.
I am used to going into somebody's home, office, store to just hand over everything and get my taxes done. I may not love that experience. In some cases, I may. But what does that mean, that I can get expert help on a platform? We've learned a lot in terms of what has not worked, in terms of our ability to raise consideration and not just awareness. These are coupled, once they get into the platform, how do we deliver on that promise right away? I mean, if you recall what Varun talked about earlier, you know, we have 3 million customers that make it all the way to the end that actually never file with TurboTax. We have 17 million people that come top of the funnel and then and they have great intent but they don't engage.
What we are working on is revamping our go-to-market to raise consideration. By the way, you're gonna see a number of new innovations. Varun touched on a few of them, so that when customers do come in and they need live expertise, how we deliver that benefit and then the speed of that benefit and then ultimately access to that refund instantly. All of those things we're revamping from what we've learned in the last year. I'll just remind us, you know, this is a, it's a $30 billion TAM opportunity. $21 billion is consumer, $10 billion that we're now opening up this year with our launch of business tax and we're a $1 billion business growing at 30% in TurboTax Live. The biggest opportunities, the biggest learnings are still ahead of us.
Wow, this is really hard. I'm gonna go here just to spread the love in the room.
Thanks, Sasan. Brent Thill with Jefferies. Let's assume that the macro gets worse. Can you just talk to the insulation features that you feel good with that are protecting that 14%-16% growth?
Yeah, absolutely. Well, first of all, the most straightforward one is tax. 35% of the company is tax and people are gonna do their taxes. We don't make a lot of macro assumptions that are unreasonable around all of a sudden this year, you're gonna have a lot more tax filers. That 35% , I don't wanna downplay it. We work hard for that 35% but it's sort of check. The second is small business, which is 51% of the company and 80% of it is subscription. If you really think about it, I know we threw a lot at you today in terms of our innovations and the immersion experiences but if you really think about what small businesses use us for, whether it's QuickBooks and/or Mailchimp and/or the services, they're using us to run their business.
You know, we are not a line item on their budget. You know, we are not a line item where they go, "You know what? I need to spend less, so let me cross this line item out." 'Cause if you cross out the line item, you can't run your business. They're running their business on our platform. So really that 80%, right, is pretty rock solid. If you look over the years at our retention rate, it's hovered around 80%. 10% of that 20% gap is businesses that go out of business. Our retention rate is 90% in sort of good or bad times. That 80% is pretty rock solid. The 20% could be impacted, not all of it, a portion of it, because consumers may spend less money.
Our payments charge volume may go down. You may have less workers or hours paid that could impact payroll. We take all of that into account. I would just remind you, although I don't want you to think that we count on this when we think about our guidance, our penetration is very low. Even if consumers spend less money, we have 2 trillion invoices that are managed on our platforms. We have an enormous opportunity just to penetrate the invoices that are on our platform, whether or not consumers spend less money. We don't count on that when we think about guidance but that's the piece, you know, that could be impacted. If I move on to Credit Karma, you know, as I shared earlier, all the elements in.
You know, recession is a technical word but by all accounts, we're seeing the impact on the Credit Karma platform, 'cause almost all the verticals other than, to a lesser extent, Credit Karma is being impacted. We've thought about that. We've assumed that personal loans is gonna be down significantly, as an example. We've assumed the first half of the year is gonna be sort of mid-single-digit growth 'cause a lot of our innovation, not the macro environment, is the second half of the year. Holistically, we take all of that into account as we think about our guidance.
Maybe more detail than you were looking for but we're very intentional in terms of how we play the long game, the innovation that we're expecting and then how do we think about our commitments to you in good times or bad times.
Just a quick follow-up on Mailchimp.
You're gonna have to pay me $5 for this one 'cause this is the second question now. I'm just kidding.
Just when you think about, I know you're only nine months in but when you think about going back to the Intuit install base, as a family that is running their business on Intuit and our family, we're not getting any emails about Mailchimp yet. When do, when can you go full force and really get in, back into that install base? Is that Are we a few months out? Are we a year out? How do you think about the timing?
It's a wonderful question. It depends on which cohort that you fall into. We're just very intentional to make sure that we actually have the product and the benefit ready. If we email you and say, "Hey, you use QuickBooks, you don't use Mailchimp, we can help you accelerate marketing your business and now based on the data that we've integrated, we can give you insights," we need to be ready to do that. You saw Rania talk a lot about how we're already leveraging the data across the platforms to accelerate innovations. We wanna be very intentional that when we start engaging our customers, that we can deliver on that promise.
Some of it depending on the cohort of customers, could be three, four months away, some of it could be a year away but we don't wanna let you down. This is a playbook we use in mid-market with QuickBooks Advanced. We started engaging our existing customers when we felt like QuickBooks Advanced was ready, so we could deliver on the promise and it's just really the same playbook here.
Thanks. Kirk Materne with Evercore. Sasan, can you just talk about the global opportunity and how Mailchimp is maybe helping you all be more prescriptive about where you can go to find product market fit? I think if we look back, you know, maybe five or six years ago, you guys were able to go sort of test the market, some worked, some didn't. You know, given that sort of customer outreach is sort of global in nature, whereas accounting might be very different by region, you know, does Mailchimp help you find that product market fit perhaps faster or more effectively and how should we think about that sort of, you know, coming out in your results from a global perspective?
Yeah. Great. Thank you for the question. I'll tag the team this with Alex as well. First of all, let me just touch on a bit of what Alex talked about earlier. About, I think it's been eight months ago now, we kicked off a strategy project that was led by Alex, Anton and Mariana, where they, in essence, objectively re-looked at what's working, what's not and how do we accelerate growth. The biggest elements that came out of this, because we now have new assets, is 50% of Mailchimp's customers and revenue comes from outside the U.S. Other than a very drop-dead easy-to-use platform, they haven't done much to really amplify international.
The other thing that came out of it is the conversion and the growth in English-speaking countries is far better than countries where we don't have the localized language. That's an element of the strategy. Really what the strategy led to is we're going to double down leading internationally with Mailchimp. In countries where we have product market fit, Canada, U.K. and Australia, it'll be the integration of QuickBooks and Mailchimp. Where we get significant traction with Mailchimp, we're gonna then bring our open platform with one QuickBooks platform across the globe and we won't make it compliant in that country but bring the power of managing your cash flow based on what QuickBooks has to offer without having to make it compliant. That is really the essence of the strategy with Mailchimp being the lead.
It's the biggest opportunity. That's at a high level. Maybe, Alex if I could ask you to add your perspective.
What I would add is, you know, as we went through that strategy project, you know, you all know we've been, you know, investing significantly in international growth for a number of years now. One of the things that we learned just in bringing our QuickBooks ecosystem to different markets is every market is different. You've got compliance challenges, you've got go-to-market challenges and some markets are heavily assisted, where the accountant is the recommender. Some are completely DIY. You really do need to be on the ground in the market, understanding the nuances. Government is moving very quickly.
You've got, you know, a very aggressive Making Tax Digital in the U.K. while you've got other governments that are still trying to figure out what they wanna do in terms of tax filing and digitizing, bookkeeping and taxes for small businesses. Every market required a significant investment. Turning to Mailchimp, we now have a low compliance. There's almost no compliance to get into the market. It is not an ecosystem that is required to be built before you get to market. It is something that is universally understood, helping your customers grow customers. It's the number one problem that small businesses are facing and it's an opportunity for us to lead. Just, you know, the word that I used in my presentation was focus of our investments.
This is an opportunity for us to deliver our mission of powering prosperity around the world but focus our investments and we're very excited about leading with Mailchimp.
Yes. Can you keep your hands up for a minute while you ask the question, just so I can see where the questions are? Okay, great. Thank you.
Yeah, thanks. Raimo Lenschow from Barclays. Sasan, if you think about software companies or technology companies when they grew, when M&A comes in, at some point there's tech debt, you know, because you kind of have different platforms that need to kind of bring together. If I looked at your product platform earlier, it was super impressive how it all fit together. Like, how do we make sure that Mailchimp, et cetera, in terms of the assets, the technology kind of comes together? Because I do seem to remember they sit on Google, you're an AWS shop. Like, how do you make sure that in the long run, they all kind of still work together and you get the benefits from AI, et cetera, with the data sitting in different places, et cetera?
Great. Thank you. I'm gonna tag team this with Mariana. First and foremost, let me just start with the due diligence process. You know, one of the things we get blamed for often in due diligence is we take too much time. Ken can vouch for that. But I start there because we spend a lot of time really assessing besides cultural and strategic fit, which matters a lot. We assess the technology platform, the architecture. So that's number one is we get real insights in the due diligence process. In fact, Mariana has a huge veto vote. If at the end of the day, Marianna says, "The technology is no good, we can't accelerate it."
It is something that we will walk away from, because at the end of the day we're a platform company and if we have to redo the entire platform, it's certainly gonna slow us down. Which gets to the second point. We spend an incredible amount of time with actually the company that we're thinking about to write a vision, priority and execution paper in terms of what we're gonna do but it's all in service of acceleration. I think you heard Marianna talk about this, which is we focus on acceleration of the customer benefit, not integration of the code. Now, that sounds great. The question is, well, how do you do that? That's where I'd love to turn it over to Marianna.
Maybe Marianna, you can think about using Credit Karma and Mailchimp as an example of what you've led us through.
Yes. So indeed, when we look at how our products working together, we look at acceleration. When we do that, it's just important to emphasize that we don't look for like point-to-point integration but actually things that are architecturally sound and durable and, you know, like, create a framework. Like, for example, I talked about a Data Bridge, so when we need to move the first data, we're not saying, "Oh, let's just connect these two data parts," but actually say, "Let's do it in a way that when we have to bring more data and more data, we have the foundation to do that." That's kind of when we look at how we accelerate.
The second thing that I would like to say is that there's, you know, the minute any company, right, any software company finishes writing, you know, a line of code, it's already obsolete because, like, technology is always, like, moving fast. This is something we take into account in everything that we do, including with our acquisitions, is how do we constantly make sure that we devote enough time for technical debt and we don't accumulate much of it. That's just a kind of part of how we work and the same we apply for acquisitions as well, so.
Awesome.
Thank you.
The three examples, if you recall, that Marianna used earlier is the Data Bridge between Credit Karma and TurboTax, where we moved billions of data points. We're doing the same thing now with Mailchimp, the account linking, where you didn't have to get everybody on the same identity system but we link the accounts. That's all technical innovation. That's really the strategy that we use.
Thanks, Sasan. Scott Schneeberger with Oppenheimer. Great job today. My question is gonna be Business Tax. It's an exciting opportunity. We saw just four or five years ago, TurboTax Live, a little bit larger TAM but this is a very large TAM as well. You obviously put up a lot of impressive financial results quickly. What type of time horizon are we looking at to get some financial contribution via Business Tax? Maybe some barriers you're facing, certainly the strength of the positioning you feel you have entering the market and then getting way ahead of things. What type of margin profile do you perceive that ultimately? Thanks.
Yep. Yeah, great. Great question. If I don't get to all the elements, holler at me and I'll get to the parts that I missed. You know, first and foremost, we've been talking about Business Tax for probably 10 plus years, just like we've been talking about the business-to-business payments opportunity for probably 10 plus years. It comes down to capability. We now have all of the capabilities. I think you may recall Lance talked in the immersion experience that it took us several years to come up with all the capabilities with TurboTax Live. We launched Business Tax within months. First and foremost, I would just say we have the capabilities on the platform. We have the expert capabilities. Now it's about the go-to-market with the product.
The second thing I would just say is, although we focused on TurboTax, solving the business tax problem spans across both QuickBooks Live and TurboTax Live, because this is about where the point of where the customer is, if they want us to help them to get their business taxes done and it's a customer we're already helping with QuickBooks Live, we'll also help them with business tax. We focused on TurboTax Live but I want you all to take away that we look at this as a problem that we can solve across the platform. Last but not least is the reason we put it and this is, as I, you know, mentioned earlier, we try to be intentional about how we manage ideas and pipelines across our horizon.
We ensure that we invest in them the right way but it also helps us with where can we count on customer and revenue growth in the near term and medium term and where our teams, we just need to let them leave them alone so they can ideate and be able to move quickly. The reason we put it out in the out years, Business Tax, is because the indication we want you to have is we're very serious about this opportunity. We have the capabilities and we're now, we've launched Business Tax but we don't want you to count on it in terms of our growth in our guidance. Just like TurboTax Live, we're gonna move as fast as we can to take advantage of the opportunity in Business Tax. You asked what the challenges are.
I don't wanna suggest the challenges are exactly the same as delivering for consumers but in many ways they are. Our challenge isn't actually getting experts. What Mark Notarainni and the team have done is they've really built out a modern operations where we have the platform, we have the access to experts and they love our platform because it's technology-led and they don't have to hunt for customers. The customers come to them because they're on our platform. It's just really finding a product market fit of how to solve this business tax problem, which is why we believe it's an opportunity, you know, three-five years out. We're gonna move as aggressively as we can to serve these customers because they're our customers. They're on our platform. It's actually solving a very important problem for them.
That's how we think about the balancing of the short and the long. I think you asked about margin profile. Just let me hit on that. I don't know if we've disclosed this before but here I go. I'm gonna disclose it now, because we're on a webcast, which is our variable margins with Live in some cases is actually better than TTL. We don't have a margin challenge when we think about our Live platform because it's technology-led, not human-led. Yes.
Brad Reback with Stifel. Thanks, Sasan. Look, there's no shortage of investment opportunities as you guys have laid out today that I'm sure far in excess of your 15% five-year goal. How do you coordinate and figure out which is the best to invest in while still growing the margin?
Do you mean our future ideas that we're investing in?
Yes.
Yeah. Got it. Great question. We let the data speak for itself but let me just expand on that for a moment. Anytime we are, it depends on the size of the opportunity but anytime we're exploring an opportunity, we actually have multiple iterations of a vision document. To understand and explore, is this a problem that's big enough? Can we solve it well and can we build advantage? And what's the ideal experience and can we solve it in a timeframe that makes sense for the markets that we serve? We spend a lot of time sort of iterating on is this something we wanna go after, depending on the size of the opportunity.
Then we put a single-threaded leader on the idea and then we put a small first mission-based team on it, which can expand over time, depending on the progress that we make. It's also why we're very intentional about putting new big ideas as a horizon three or beyond. What we always say is opinions. Anybody has a good idea, your opinion doesn't matter, the data matters. We do a lot of experimentation and testing to actually understand is it solving the problem that our customers want solved and the data always tells you the truth. That really informs what pivots we need to make, not whether or not we kill the idea. That's the approach that we use. Yes, I'll come back to you.
Thanks. Hi. Thanks. Michael Turrin with Wells Fargo Securities. I just wanted to follow up on a few of the things that you mentioned there and earlier on the live technology and the extensibility. I think there was a comment early on just around using the expert network to help small businesses grow and that's obviously got TurboTax Live as a billion-dollar business. You've seamlessly moved into QuickBooks Live. How do you prioritize and think through the extensibility? And then coupling that with the margin comment, was getting to scale an important part of getting to what you're saying now around TurboTax Live margins relative to the core? Just help us understand how you strike the right balance given the breadth of the opportunities that you're going after here.
Let me just start with the margin question and the scale question and I'll just use TurboTax Live as an example. We are very much technology-led as we are trying to solve this problem. We are not human-led. Beyond having margin challenges, if you're human-led, you actually can't solve the problem well because you have so much variability in humans. Therefore, because of our application of leveraging the data, our machine learning and knowledge engineering capabilities that we've built, we are able to do a lot of the work and automate a lot of the data gathering, automate a lot of how the data then is used on the digital platform to do a lot of the work. Based on all of our AI capabilities, we make the experts much more valuable, so they c an only engage when needed.
Of course, you know, scale matters but if you look at from the time we launched TurboTax Live and where it is now at $1 billion and then you look at our margins across that timeframe, you didn't see an impact on our margins. Of course, scale always matters because you become more efficient and effective. The real thrust of it is really the partnership between Marianna and Mark that runs our customer success and the fact that this is all technology-led. We've now proven that to ourselves. Therefore, we have a lot of confidence what we're gonna do with QuickBooks Live and beyond that it's actually really about solving the customer problem and getting the product market fit. We think about margins but we're not worried. T his is not a margin problem. It's solving the problem, well.
I think the second element of your question is, you know, in order to connect people to experts and have a virtual expert platform, you first have to have a digital platform. We have QuickBooks, we have TurboTax, we now have Mailchimp and we have Credit Karma. We already know that a certain cohort of customers need a lot of help that are trying to grow their business. They want access to experts. On the Credit Karma platform, we have an enormous opportunity to disrupt the mortgage experience and process, leveraging data and experts. You can see us, as we now have the capabilities to sort of go vertical by vertical, to be able to capture the opportunity and that's the approach that we use. Yes, then I'll come to you.
Then if you can give it to Kash up here next. Please go ahead.
Great. Thanks. Jackson Ader at MoffettNathanson. Couple questions but both on tax. Can you tell us, maybe remind us in previous downturns when some consumers get a little bit more price sensitive, maybe wanna level down their TurboTax SKU, what was the playbook to kind of maintain that revenue per return? And then and how does it change now that we have Live and full service that are higher priced? And then the follow-up is, you know, I'd just like to get your take on the IRS viability study that $15 million talking about whether, you know, they can do it themselves or not.
Yeah. Yeah, sure. Let me take them in the order that you asked them. I would just say that when you look at history and when you look at where we are now, consumers, especially those that use an assisted experience, they don't actually think about the price and frankly, 90% of them don't even know what the price is gonna be till they're about to pay it. Their focus is on confidence and are my taxes being done right and am I getting the maximum refund or if I owe money, am I in a place to pay the least? There is very little to no price sensitivity in downturns. What's very different today than even five-10 years ago is free is available to all consumers.
Those that were price sensitive and they wanna use free, they already are. This is not an area that based on history and data and now based on where we are today and our opportunity for growth is really the assisted segment. It's just. There's really no impact. To your second question around the $15 million that has been granted to the IRS to do a study of whether or not consumers are open to the IRS also creating a tax software. This is not the first time the study has been commissioned. It won't be the last time.
This was a study that was commissioned years ago and the unanimous view that came out of the research was that consumers absolutely don't want the government to have anything to do with their taxes, to be in the tax software business. They want the government to actually focus on the experience of taking care of them and getting their money to them as fast as possible. That was the result of the last study. There'll be a study now and I'm sure there's gonna be a study five years from now and ten years from now. That's sort of number one. Number two, what I would say is, free is available to all Americans. Every assisted customer, those 88 million, if they want, they can get their taxes done for free.
The reality is they choose not to because they want assistance in how their taxes gets done. If the IRS actually does make a software that's free, it's yet another free software and among many other free software that are already in the marketplace. This is not something that, you know, we think about it as a impact at all in our business.
Thank you. Kash, i'm with Goldman Sachs. Sasan, I don't have any questions for you because we spent a lot of time a couple of weeks back. First of all, congrats to Kim and Jeff on putting up a fantastic Analyst Day. My friends Keith Weiss and Mark Murphy are really dead curious about the retention rates in TurboTax and Self-Employed. It's 80%. It's come up quite a bit in the last several years. With your AI data-driven approach, what are the things that you've uncovered that you could fill the gap to a greater degree? The second one is actually my question. What share of payments can you get? Is it like 50, 60, 70 or modestly low but where could you go?
Yeah, absolutely. Great questions. Let me start with tax and if you don't mind, I'll hit on QuickBooks as well because both retention rates matter. We are actually sort of in world-class range in retention and our biggest growth opportunity is not gonna come from increasing retention on other products too. Don't get me wrong, retaining every customer is important because we wanna earn their business. If you look historically in the past years and you look at where we are now, TurboTax retention has been around 80%. In fact, it's been in the high 70s range. Our loyal veterans that have been with us for a long time, retention rate, which we typically don't disclose, is much higher.
We'll always work hard to keep every customer and we believe, by the way, with TurboTax Live, we can over time because now we have an expert to help those that leave because of confidence. We're at world-class rates. I would say the same exact thing for QuickBooks. You know, QuickBooks has traditionally been in the 80% retention rate. If you look at those 20 points, 10 points of it is customers are out of business. Our retention rate is 90% in QuickBooks. Again, we wanna work hard to earn the business of every customer but retention is not the biggest growth driver, although we care deeply about it. In terms of your question around sort of payments opportunity, you know, what is the opportunity?
Just as a reminder, there are $2 trillion of invoices that are managed on our platform. There are about 800 billion bill pays that are actually bills that are paid, that are recorded on QuickBooks. That's above and beyond the $2 trillion. Listen, we believe every one of these should be digitized. Why? Because it actually drives the livelihood of small businesses because they normally have to wait 60+ days, sometimes 75+ days to get paid. Our goal is all of it should be digitized, all of it. When we'll get to that point, I don't know. We have not set a threshold of, well, we wanna get to 50% because we believe it should be 100%.
I think just what you should look at, hold us accountable for, is the metrics that, you know, Alex and Michelle talked about today, which is, you know, our overall volume, charge volume and payments is growing 36% this past year and about five years ago it was growing or six years ago, it was growing at 11%. So large TAM is happening on our platform. We don't have to go get it. It's on our platform. All of our innovation is starting to result in charge volume growth. Hopefully one day I can stand in front of you when I'm, I don't know, 120 years old and say, "We have it all." Yes, I'll come to you.
Siti Panigrahi from Mizuho. Excellent presentation and great job by Kim and Tim Meyer. We've been getting questions about Mailchimp. I want to drill a little bit into that. It's been now part of 10 months and recently Rania taking over as CEO as well. Help us understand last 10 months, what are the progress? Like we saw it's still 800,000 paid customer base. How Mailchimp being part of Intuit, you are gonna help in the go-to-market? What was their go-to-market strategy and how are you going to extend that? Also recently, you pulled marketing spend, you said. When do you think that it'll be back again?
Yeah, got it. Great question. I'll say three things and Alex, let's tag team on this. I always get accused, by the way, of answering all the questions too much and not handing it over to my team. This will give me brownie points. Alex, be ready. The first thing is, we're playing offense. Mailchimp was run for profitability, which is one of the many things we love about Mailchimp. It wasn't run for growth. That may seem subtle but there's an entirely different playbook to play offense and be in a place where you wanna win customers, drive growth, versus a run for profitability. That's first and foremost, which includes changes in leadership. It's not just money, it's the playbook.
That's number one, the changes that we've been putting in place in the last nine months and we're actually very confident we're gonna see the results of that over time. The second thing is the priorities you heard Alex talk about. We are focused on three things and you saw exposure to one of them when Rania was going through the immersion experience. One is we are working on creating one global growth platform and what that means is we're building all the data bridges behind the scenes so that we can leverage the customer data and the purchase data in one place, so we can deliver real insights for customers. Two, we're taking that same to mid-market. Third is it is actually the primary strategy in international is to double down Mailchimp.
Those three priorities are very consistent with what we talked about nine months ago when we announced the acquisition and we love the progress that we are making. When we talked about on earnings that we've pulled back on marketing, it's more because of the opportunity that we saw and the acceleration that we saw versus that there is a conversion problem. In fact, we have already kicked off our marketing. You've probably seen Mailchimp new campaigns, both on air and digitally. We've already revamped our go-to-market approach and just we're excited about, you know, the months and year ahead. Yes.
Thank you. Mark Murphy with JP Morgan. Thank you, Kash for asking my first question. Never seen that done before. Great job. Kind of reading my mind. I'm wondering for how long do you see Credit Karma kind of growing below the longer term target of 20%-25%. Are you saying it's only a first half phenomenon and then we're back there? What are the ingredients?
Below, sorry, below what?
Pardon?
Sorry, what was your question? How long we expect Credit Karma to grow below what?
The long-term target of 20-25.
Got it. First of all, let me reiterate what you just said, which is our long-term growth prospects for Credit Karma is that it will grow between 20%-25%. That is absolutely unchanged. The second is we're just being very prudent given the impact in the business and the macro environment to be very clear about the guidance that we have provided. I don't wanna sit here and predict when it will get to the long-term growth guidance of 20%-25%. Just know that it will. For this year, our guidance is, you know, 10%-15% for the year and it's lower in the first half, given the reasons that I mentioned earlier. Yes. Did I answer your whole question, by the way? Okay, great. Awesome.
Matt Wilson from Morgan Stanley. Thank you for taking our questions. On QuickBooks and the traction upmarket, how do you think about the investment priorities over the next year in the go-to-market in terms of the channel verticalization? Secondly, long-term traction upmarket, how do you think about serving customers over 100 employees and how does Intuit view that opportunity?
I will tag team this with Alex and let me just start with maybe one snippet and I will turn it over to Alex. That is, as you heard us talk about today, we see a massive opportunity between 10-100 employees. A hundred employees is, you know, it's a gray line marker that we drew. It's not a sort of a hard line because a small business can have a lot of revenue and very few employees or they can have very small revenue and a lot of employees. The hundred employees is sort of a gray line for us in terms of how we think about the opportunity. As you heard Dan talk about it in the platform immersion, the way we are building out the platform capabilities, the partner capabilities is actually scalable beyond 100 employees.
We just have so much opportunity within the lines of 10 to 100 that we really wanna nail that. We're not gonna be overly sequential about it. When we feel like we're ready to go beyond 100 employees, we absolutely will. But it's just, again, as always, it's strategic sequencing to make sure that we can really capture the opportunity for the segment that we wanna serve today. Alex, what would you add?
Yeah. What I would add is, you know, if you think about what's made the QuickBooks franchise incredibly successful and to scale to millions and millions of customers, over the last 20-plus years, is we were a direct-to-small business product, right? Most of our customers would either buy in retail or more recently they would buy online. It was very low touch. We built an attachment service which allowed us to create in-product discovery points and attach payroll and payments. But for the most part, our customers would come in, it was a single owner of the business that would buy the product and then attach. As we now move up into the mid-market, we're now rebuilding our go-to-market capabilities to serve different buyers, to serve multiple pieces of the ecosystem.
The person that's buying bill pay is sometimes very different than the person buying financial management software. This is a considered purchase because the ARPC is so significantly higher than just QuickBooks. We will continue to grow with them and they may need an account manager. We're building all of that infrastructure now, including testing our way into channels. Channels and VARs and system integrators are a significant part of the mid-market, as well as our accountant ecosystem and our go-to-market motions need to continue to change with them. The good news is, as I said earlier, we already have 700,000 of these customers inside of our ecosystem today using a QuickBooks SKU.
This is about reaching out to our existing customers and having those different conversations about bringing our whole ecosystem, having a business consultative conversation and being able to make sure that they're in the right product and consuming as much of our ecosystem as fits their needs.
Awesome. Thank you. I think we'll be able to take one or two more questions. Yes.
Excuse me. Hey, Sasan. You've talked about obviously this business opportunity for small businesses or the tax opportunity for small businesses. Do you see any conflict of interest because of that? And what's the brand name you'll go to market with? You've talked about TurboTax Live and QBO Live as well, so.
Yeah. Do you wanna state your name and?
Oh, sure. Kartik Mehta, Northcoast Research. Sorry about that.
Awesome. Great. Thank you. In terms of the branding decision, it's TurboTax Live for businesses. We're just in the beginning of, you know, rolling it out. You know, Varun and his marketing team along with Lara Balazs will figure out exactly how to brand it. It'll be very clear, right? It's from TurboTax Live. Of course, the same thing will hold true for QuickBooks Live because remember this is about serving the customer and not just only through one platform. The second thing is, you know, when we first came out with our Big Bet 2 of connecting people to experts, we had to spend a lot of time educating the market, educating our accountant partners, which they remain very important partners of ours, relative to what is our goal and what are we trying to achieve here.
I would say we're in a place where we hear almost close to zero noise and concern from our accountants because they've actually seen, one, we're serving underserved needs of small businesses and consumers. Two, we're actually creating a marketplace for them where they can grow their business. You know, as you heard probably Mark talk about in the immersion experience, a lot of CPAs and accountants both have their firm and they're on our platform because it's incremental business. They don't have to do marketing because they just have to be on our platform. We'll always have to spend time working on ensuring that it's clear that our intent isn't to take them out of business.
Our intent is actually create business for them but also that this is the wave of the future, which is a virtual expert platform where consumers and small businesses can get the help that they need. It'll always be an area that we'll have to work on. Frankly, other than the first, you know, six-eight months of a lot of education and discussion, it is not a top-of-mind issue for accountants these days. Is there any other questions? You all are hungry, right? All right. Well, thank you for your wonderful questions. Thank you for the attendance in the room. Thank you for everyone on the webcast. For those of you that are here, we are now going to head for lunch. I have no idea what the logistics are. We're gonna go upstairs on the last floor.
There's only four floors here, so we'll escort you upstairs. The whole team will be with you and roaming around. If you have questions for any of us, you can catch us and we'll be with you. Thank you for your time today. Thank you for the attendance and we'll see you upstairs. Thank you.