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 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 ...
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 d ...
for the US and Canada produced by
Intuit, Inc.
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 ...
(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 enterprises, small and medium-sized businesses and offer On-premises sof ...
, 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
Aaron Patzer (born November 20, 1980) 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.
Biography
Born in Madison, Wisconsin, Patzer gra ...
and provided
account aggregation
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 busin ...
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 an ...
, 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 ha ...
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 milli ...
, 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
Joshua Kopelman is an American entrepreneur, venture capitalist, and philanthropist.
Kopelman is best k ...
, 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 owners ...
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 cam ...
, 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. ...
. The latest round of $14M was closed on August 4, 2009, and reported by CEO
Aaron Patzer
Aaron Patzer (born November 20, 1980) 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.
Biography
Born in Madison, Wisconsin, Patzer gra ...
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 reven ...
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 Tu ...
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 especially ...
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 Mac ...
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 ...
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
*
Personal financial management 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 ...
*
Wikinvest SigFig (formerly Wikinvest) is a financial technology company based in San Francisco that builds robo-advisory and customer engagement software. SigFig's robo-investing platform is available directly to consumers via web and mobile app. SigFig also ...
References
Further reading
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External links
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{{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