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 A mobile application or app is a computer program or software application designed to run on a mobile device such as a phone, tablet, or watch. Mobile applications often stand in contrast to desktop applications which are designed to run on de ...

for the US and Canada produced by Intuit, Inc. (which also produces

TurboTax TurboTax is a software package for preparation of American income tax returns, produced by Intuit. TurboTax is a market leader in its product segment, competing with H&R Block Tax Software and TaxAct. TurboTax was developed by Michael A. Chipm ...

QuickBooks QuickBooks is an accounting software package developed and marketed by Intuit. First introduced in 1983, 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, which 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 monitor ...

). Mint.com was originally created by Aaron Patzer and provided account aggregation through a deal with

Yodlee 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. Money by Envestnet Yodlee (formerly Yodlee Labs a ...

, but 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 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. 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. In 2016, Mint.com claimed to have over 20 million users.

Investment and finances

Mint raised over $31M in

venture capital Venture capital (often abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which hav ...

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 backed ...

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 mill ...

, and

First Round Capital First Round is a 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 portfolio companies ...

, 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 for a business or businesses start-up, usually in exchange for convertible debt or owner ...

s including

Ram Shriram Kavitark Ram Shriram (born 1956/57) is an Indian-American billionaire businessman and philanthropist. He is a founding board member and one of the first investors in Google. He was earlier employed by Amazon, working for Jeff Bezos. Shriram ...

, an early investor in

Google Google LLC () is an American multinational technology company focusing on search engine technology, online advertising, cloud computing, computer software, quantum computing, e-commerce, artificial intelligence, and consumer electronics. I ...

. The latest round of $14M was closed on August 4, 2009, and reported by CEO Aaron Patzer as preemptive. TechCrunch later pegged the valuation of Mint at $140M. In February 2008,

revenue In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Commercial revenue may also be referred to as sales or as turnover. Some companies receive revenue ...

was generated through

lead generation In marketing, lead generation () is the initiation of consumer interest or enquiry into products or services of a business. A lead is the contact information and, in some cases, demographic information of a customer who is interested in a spec ...

, earned via earning referral fees from recommendations of highly personalized, targeted

financial product Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...

s to its users.

Sale

On September 13, 2009,

TechCrunch TechCrunch is an American online newspaper focusing on high tech and startup companies. It was founded in June 2005 by Archimedes Ventures, led by partners Michael Arrington and Keith Teare. In 2010, AOL acquired the company for approximately $ ...

reported

Intuit Intuit Inc. is an American 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 T ...

would acquire Mint for $170 million. An official announcement was made the following day. On November 2, 2009, Intuit announced their acquisition of Mint.com was complete. The former

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especiall ...

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 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. Quicken runs on Windows and Ma ...

desktop product, and vice versa, as two collaborative aspects of the Intuit Personal Finance team. Patzer left Intuit in December 2012.

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. In January 2017, Intuit and

JPMorgan Chase JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the w ...

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.

References

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