Mint.com

Last updated
Mint.com
Subsidiary
Industry Personal finance, Software
Founded2006
Founder Aaron Patzer
Headquarters Mountain View, California,
United States
Area served
United States, Canada
Products Web application, Mobile application
RevenueN/A
Number of employees
35; before acquired by Intuit in 2009 [1]
Parent Intuit
Website mint.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, is 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]

Contents

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]

As of 2010, Mint.com claimed to connect with more than 16,000 US and Canadian financial institutions, and to support more than 17 million individual financial accounts. [6] As of November 2013, Mint.com claimed to have more than 10 million users. [7] In 2016, Mint.com claimed to have over 20 million users. [8]

Mint Bills, previously known as Check and Pageonce was a financial account management and bill payment service 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. [9]

Investment and finances

Mint raised over $31M 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 $14M was closed on August 4, 2009, [13] and reported by CEO Aaron Patzer as preemptive. [14] TechCrunch later pegged the valuation of Mint at $140M. [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]

Sale

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 their 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]

Controversial practices

Security

Mint asks users to provide both the user names and the passwords to their bank accounts, credit cards, and other financial accounts, which Mint then stores in their databases in a decryptable format. This has raised concerns that if the Mint databases were ever hacked, both user names 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]

See also

Related Research Articles

Intuit American financial software company

Intuit Inc. is an American business and financial software company that develops and sells financial, accounting, and tax preparation software and related services for small businesses, accountants, and individuals. The company is headquartered in Mountain View, California and the CEO is Sasan Goodarzi. As of 2019, more than 95% of its revenues and earnings come from its activities within the United States. Intuit's products include the tax preparation application TurboTax, personal finance app Mint and the small business accounting program QuickBooks.

Benchmark is a venture capital firm based in San Francisco that provides seed money to startups.

Quicken personal finance management tool

Quicken is a personal finance management tool developed by Quicken Inc.. On March 3, 2016, Intuit announced plans to sell Quicken to H.I.G. Capital; terms of the sale were not disclosed.

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 American personal finance software company

Yodlee is an American software company that develops an account aggregation service that allows users to see their credit card, bank, investment, email, travel reward accounts, etc. on one screen. In addition, Money by Envestnet Yodlee, a free web application that helps consumers with their finances online, provides features such as bill payment, expense tracking, and investment management. Yodlee's Privacy Policy FAQ references Yodlee as a licensee of the TRUSTe Privacy Program. Part of Yodlee's business model consists of selling its customer's financial transaction data to investors.

Box (company) Cloud content management program

Box, Inc., is an American internet company based in Redwood City, California. The company focuses on cloud content management and file sharing service for businesses. Official clients and apps are available for Windows, macOS, and several mobile platforms. Box was founded in 2005.

Credit Karma is an American multinational personal finance company founded on March 8, 2007 by Kenneth Lin, Ryan Graciano and Nichole Mustard. It is best known as a free credit and financial management platform, but its features also include free tax preparation, 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 American businessman

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.

Docstoc

Docstoc was an electronic document repository and online store, aimed at providing professional, financial and legal documents for the business community. It closed in 2015. Users could upload, share and sell their own documents, or purchase professional documents written in-house by professionals and lawyers.

Outright

Outright is an accounting and bookkeeping application that assists small businesses and sole proprietors with managing their business income and expenses. It also provides them with a means to organize and categorize expenses for filing a Schedule C.

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.

Stripe (company) American payment technology company

Stripe is an American financial services and software as a service (SaaS) company headquartered in San Francisco, California, United States. The company primarily offers payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications.

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 (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.

Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California. The company offers a mobile app and website that offer people the ability to invest in stocks, ETFs, and options through Robinhood Financial and crypto trading through Robinhood Crypto. Robinhood operates a website and mobile apps for iPhone, Apple Watch, and Android. The company has no storefront branches and operates entirely online without fees.

Tokopedia is an Indonesian technology company specializing in e-commerce. It was founded in 2009 by William Tanuwijaya and Leontinus Alpha Edison. It is an Indonesian unicorn along with ride-hailing company Gojek, travel service firm Traveloka, e-commerce Bukalapak and fintech company OVO.

Personal Capital is an online financial advisor and personal wealth management company headquartered in Redwood Shores, CA with offices in San Francisco, CA, Denver, CO, Dallas, TX and Atlanta, GA.

Envestnet provides unified wealth management technology and products to financial advisors and institutions. Their flagship product is an advisory platform that integrates the services and software used by financial advisors in wealth management.

References

  1. ↑ "Everything You Wanted To Know About Startup Building But Were Afraid To Ask". TechCrunch. October 7, 2009. Retrieved 2009-10-14.
  2. ↑ "Can Mint be used outside of the U.S.?". Archived from the original on 2011-01-26.
  3. ↑ Ellis, Blake (December 2, 2010). "Yodlee no longer powers Mint.com's data aggregation tools". CNN.
  4. ↑ "Mint.com Now Tracks Cash and Pending Transactions" . Retrieved 2010-04-19.
  5. 1 2 "Intuit Completes Acquisition of Mint.com". Intuit. November 2, 2009.
  6. ↑ Martha, Shaughnessy (19 April 2010). "Using Intuit's Technology Doubles Bank Access, Completes Users' Experience". Mint.com press release. Retrieved 28 September 2015.
  7. ↑ "What is Mint? Your Financial Life All In One Place". Mint.com. Archived from the original on December 19, 2010. Retrieved February 24, 2013. Mint has more than 10 million users who know their information is always secure.
  8. ↑ "Mint by the Numbers: Which User Are You?". Mint.com. Retrieved January 7, 2017. Over this decade, we've grown to include over 20 million users!
  9. ↑ https://help.mint.com/Tracking-Your-Bills/1060777521/Mint-bill-pay-is-no-longer-supported.htm
  10. ↑ Vivek (May 23, 2007). "MyMint.com acquires Mint.com; raises $5 million". Startup Squad. Archived from the original on November 8, 2008. Retrieved October 18, 2007.
  11. ↑ Cutler, Kim-Mai (August 12, 2009). "Mint.com rakes in $14 Million in third round of funding". VentureBeat.
  12. ↑ Marshall, Matt (October 16, 2007). "Mint, online money manager, raises $4.7M". Venture Beat.
  13. ↑ "SEC FORM D". sec.gov. Retrieved 27 February 2015.
  14. ↑ Kincaid, Jason (August 12, 2009). "Full Details On Mint's $14 Million Series C Round". Tech Crunch.
  15. ↑ Arrington, Michael (September 2, 2009). "Mint is Worth A Mint: $140 Million Valuation". Tech Crunch.
  16. ↑ "How Mint's SmartSave Savings Engine Works". Mint.com. October 11, 2007. Archived from the original on February 14, 2008. Retrieved 2008-02-24. Mint does make a small referral fee from advertisers on some offers. That’s what keeps Mint free.
  17. ↑ Arrington, Michael (September 13, 2009). "Intuit To Acquire (Former TechCrunch50 Winner) Mint For $170 Million". Tech Crunch.
  18. ↑ "Intuit Completes Acquisition of Mint.com". The Quicken Blog. November 2, 2009. Archived from the original on May 11, 2010.
  19. ↑ "LinkedIn.com – Aaron Patzer". Mint.com. Retrieved May 20, 2014.
  20. ↑ "ING Direct Launches 'Read-Only' Access Codes for Financial Aggregation". 2011-05-26. Retrieved 2013-09-28.
  21. ↑ "Could mint.com be more secure, and if so, how?". IT Security Stack Exchange. Retrieved 2013-09-28.
  22. ↑ "Chase, Mint reach deal for faster, more secure data-sharing". USA TODAY. Retrieved 2017-05-04.

Further reading

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.