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Mint, also known as Intuit Mint and formerly known as Mint.com, was a
personal financial management 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 ...
website and
mobile app A mobile application or app is a computer program or software application designed to run on a mobile device such as a smartphone, phone, tablet computer, tablet, or smartwatch, watch. Mobile applications often stand in contrast to desktop appli ...
for the US and Canada produced by Intuit, Inc. (which also produces TurboTax,
QuickBooks QuickBooks is an accounting software package developed and marketed by Intuit. First introduced in 1992, QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as ...
, and
Credit Karma 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 monitori ...
). Mint's primary service allowed 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.


History


Founding and fundraising

Mint.com was originally created by Aaron Patzer and provided account aggregation through a deal with
Yodlee Yodlee is a web application software company that provides consumer-permissioned data aggregation, consolidating information from multiple accounts (credit cards, bank accounts, investments, etc.) by using open banking APIs. Origins and history Y ...
. In February 2008,
revenue In accounting, revenue is the total amount of income generated by the sale of product (business), goods and services related to the primary operations of a business. Commercial revenue may also be referred to as sales or as turnover. Some compan ...
was generated through
lead generation In marketing, lead generation () is the process of creating consumer interest or inquiry into the products or services of a business. A lead is the contact information and, in some cases, demographic information of a customer who is intereste ...
, earned via earning referral fees from recommendations of highly personalized, targeted financial products to its users. Mint raised over $31 million in
venture capital Venture capital (VC) is a form of private equity financing provided by firms or funds to start-up company, startup, early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in ...
funding from
DAG Ventures DAG Ventures is an American venture capital firm based in Palo Alto, California. DAG Ventures works with startups in providing early stage and growth stage funding. Since its founding in 2004, by Tom Goodrich and John Cadeddu, the firm has backe ...
,
Shasta Ventures 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. Funds Shasta's second fund of US$250 milli ...
, and
First Round Capital First Round Capital is a US-based venture capital firm that specializes in providing seed-stage funding to technology companies. Founded by Josh Kopelman and Howard Morgan First Round typically provides seed-stage funding and focuses on po ...
, as well as from
angel investor An angel investor (also known as a business angel, informal investor, angel funder, private investor, or seed investor) is an individual who provides capital to a business or businesses, including startups, usually in exchange for convertible de ...
s including
Ram Shriram Kavitark Ram Shriram (born 1956/57) is an American billionaire businessman and philanthropist. He is a founding board member and one of the first investors in Google. He worked earlier in Amazon. Shriram came to Amazon.com in August 1998, when ...
, an early investor in
Google Google LLC (, ) is an American multinational corporation and technology company focusing on online advertising, search engine technology, cloud computing, computer software, quantum computing, e-commerce, consumer electronics, and artificial ...
. The latest round of $14 million was closed on August 4, 2009, and reported by CEO Aaron Patzer as preemptive. TechCrunch later pegged the valuation of Mint at $140 million in 2009. It had 35 employees, before it was acquired in 2009.


Purchase by Intuit

On September 13, 2009,
TechCrunch TechCrunch is an American global online newspaper focusing on topics regarding high tech, high-tech and Startup company, startup companies. It was founded in June 2005 by Archimedes Ventures, led by partners Michael Arrington and Keith Teare. I ...
reported
Intuit 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 preparati ...
would acquire Mint for $170 million. An official announcement was made the following day. On November 2, 2009, Intuit announced its acquisition of Mint.com was complete. The former
CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
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. 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.


Operations under Intuit

Mint switched to using Intuit's own system for connecting to accounts after it was purchased by Intuit in 2009. It was later renamed from "Mint.com" to just "Mint". Mint's primary service allowed 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. 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. Patzer left Intuit in December 2012. By 2011, Mint had replaced Intuit's Online Quicken product, a process that took place in 2013, with users migrated over. In 2016, Mint.com reported to have over 20 million users. In 2019, Intuit's consumer sector, consisting largely of Mint and Turbotax, had $2.775 billion in revenue. In 2020, Mint had 13 million registered users. ''Fast Company'' criticized the app for having been neglected by Intuit, noting core functionality remained the same, but that the software was not being significantly improved over time. It quoted founder Aaron Patzer saying "in my mind, it's been in maintenance mode the last eight years."


Shut down

Intuit announced Mint would be shutting down on December 31, 2023, and prompted its users to move to its
Credit Karma 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 monitori ...
product. This was later changed to March 23, 2024.


Security controversy

In 2010, it was reported that Mint asked users to provide both the usernames and the passwords to their bank accounts, credit cards, and other financial accounts, which Mint then stored 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. In January 2017, Intuit and
JPMorgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...
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.


See also

* AwardWallet *
NerdWallet NerdWallet is an American personal finance company, founded in 2009 by Tim Chen and Jacob Gibson. It has a website and app that earns money by promoting financial products to its users. History NerdWallet was founded in August 2009 by Tim Chen ...
*
Personal financial management 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 ...
*
Wikinvest SigFig (formerly Wikinvest) is a financial technology company based in San Francisco that builds robo-advisory and customer engagement software. SigFig's robo advice platform is available directly to consumers via web and mobile app. SigFig also ...


References


Further reading

* * * *


External links

* {{Authority control 2006 establishments in California American companies established in 2006 Financial services companies established in 2006 Account aggregation providers Accounting software Intuit software Companies based in Mountain View, California Software companies established in 2006 Finance websites IOS software Android (operating system) software WatchOS software 2009 mergers and acquisitions