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Company type | Subsidiary |
---|---|
Industry | Personal finance, software |
Founded | 2006 |
Founder | Aaron Patzer |
Defunct | March 23, 2024 |
Fate | Merged with Credit Karma |
Headquarters | Mountain View, California, United States |
Area served | United States, Canada |
Products | Web application, mobile application |
Number of employees | 35; before acquired by Intuit in 2009 [1] |
Parent | Intuit |
Website | mint.intuit.com |
Mint, also known as Intuit Mint (styled in its logo as intuit mint with dotted 't' characters in "intuit" and undotted 'i' characters) and formerly known as Mint.com, was a personal financial management website and mobile app for the US and Canada produced by Intuit, Inc. (which also produces TurboTax, QuickBooks, and Credit Karma). [2]
Mint.com was originally created by Aaron Patzer and provided account aggregation through a deal with Yodlee, but switched to using Intuit's own system for connecting to accounts after it was purchased by Intuit in 2009. [3] It was later renamed from "Mint.com" to just "Mint". Mint's primary service allows users to track bank, credit card, investment, and loan balances and transactions through a single user interface, as well as create budgets and set financial goals. [4] [5]
In 2010, Mint.com said it could connect with more than 16,000 US and Canadian financial institutions, and to support more than 17 million individual financial accounts. [6] In 2016, Mint.com reported to have over 20 million users. [7]
Intuit announced Mint would be shutting down on December 31, 2023, and prompted its users to move to its Credit Karma product. [8] This was later changed to March 23, 2024. [9]
Mint raised over $31 million in venture capital funding from DAG Ventures, Shasta Ventures, and First Round Capital, [10] [11] as well as from angel investors including Ram Shriram, an early investor in Google. [12] The latest round of $14 million was closed on August 4, 2009, [13] and reported by CEO Aaron Patzer as preemptive. [14] TechCrunch later pegged the valuation of Mint at $140 million. [15]
In February 2008, revenue was generated through lead generation, earned via earning referral fees from recommendations of highly personalized, targeted financial products to its users. [16]
On September 13, 2009, TechCrunch reported Intuit would acquire Mint for $170 million. [17] An official announcement was made the following day.
On November 2, 2009, Intuit announced its acquisition of Mint.com was complete. The former CEO of Mint.com, Aaron Patzer, was named vice president and general manager of Intuit's personal finance group, responsible for Mint.com and all Quicken online, desktop, and mobile offerings. [5] Patzer further added the features of the online product Mint.com would be incorporated into the Intuit's Quicken desktop product, and vice versa, as two collaborative aspects of the Intuit Personal Finance team. [18] Patzer left Intuit in December 2012. [19]
Mint asks users to provide both the usernames and the passwords to their bank accounts, credit cards, and other financial accounts, which Mint then stores in its databases in a decryptable format. This raised concerns that if the Mint databases were ever hacked, both usernames and passwords would become available to rogue third parties. Some banks support a separate "access code" for read-only access to financial information, which reduces the risk to some degree. [20] [21]
In January 2017, Intuit and JPMorgan Chase settled a longstanding dispute, and agreed to develop software where Chase customers send their data, for financial purposes, to Mint without having Intuit store customers' names and passwords. It was also agreed Intuit would never sell Chase's customer data. [22]
Intuit Inc. is an American multinational business software company that specializes in financial software. The company is headquartered in Mountain View, California, and the CEO is Sasan Goodarzi. Intuit's products include the tax preparation application TurboTax, personal finance app Mint, the small business accounting program QuickBooks, the credit monitoring service Credit Karma, and email marketing platform Mailchimp. As of 2019, more than 95% of its revenues and earnings come from its activities within the United States.
Benchmark is a venture capital firm founded in 1995 by Bob Kagle, Bruce Dunlevie, Andy Rachleff, Kevin Harvey, and Val Vaden.
Quicken is a personal finance management application originally developed and offered by Intuit, Inc. Intuit sold Quicken to H.I.G. Capital in 2016, and H.I.G. sold Quicken to Aquiline Capital Partners in 2021.
Account aggregation sometimes also known as financial data aggregation is a method that involves compiling information from different accounts, which may include bank accounts, credit card accounts, investment accounts, and other consumer or business accounts, into a single place. This may be provided through connecting via an API to the financial institution or provided through "screen scraping" where a user provides the requisite account-access information for an automated system to gather and compile the information into a single page. The security of the account access details as well as the financial information is key to users having confidence in the service.
Yodlee is a web application software company that provides consumer-permissioned data aggregation, consolidating information from multiple accounts by using open banking APIs. Additionally, Yodlee provides customers with alternative credit data, and it has analysis tools for financial service providers. Yodlee partners with more than 1,400 financial services and tech companies, including 18 of the top 20 U.S. banks, and has tens of millions of customers.
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Credit Karma is an American multinational personal finance company founded in 2007. It has been a brand of Intuit since December 2020. It is best known as a free credit and financial management platform, but its features also include monitoring of unclaimed property databases and a tool to identify and dispute credit report errors. The company operates in the United States, Canada and the United Kingdom.
Aaron Patzer is an Internet entrepreneur and the founder of Mint.com, a financial management tool which was acquired by Intuit and had over 10 million users as of mid-2012.
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Mint Bills, formerly Check and before that Pageonce, was a website and mobile banking application developed by Check, Inc. Mint Bills utilized proprietary account aggregation technology for secure payment technologies in its mobile applications; its primary service allowed users to pay bills and track bank, credit card, investment, and loan transactions and balances through the Mint Bills website or mobile apps for its Android and iOS platforms. Mint Bills was bought by Intuit in 2014 and integrated into Mint.com in March 2017. The Mint.com bill payment service was then discontinued on June 30, 2018.
Money Dashboard is a free online personal financial management service in the United Kingdom. It provides users with the ability to view all of their online financial accounts in one place and categorises and analyses all of their transactions so they can understand how they use money. The app aims to help consumers make better financial decisions and budget for the future.
Shasta Ventures is an early-stage venture capital investment firm located in Silicon Valley that invests in enterprise and technology consumer startups. It is located on Sand Hill Road in Menlo Park.
Personal financial management refers to "ways" or "methods" of managing ones own personal finances. It is also known by its acronym, PFM, which refers to the type of software used for personal finance apps. Simply put, PFM refers to software that helps users manage their money. PFM often lets users categorize transactions and add accounts from multiple institutions into a single view. PFM also typically includes data visualizations such as spending trends, budgets and net worth.
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Over this decade, we've grown to include over 20 million users!
Mint does make a small referral fee from advertisers on some offers. That's what keeps Mint free.