Mint.com

Mint.com
Mint.com
Type Subsidiary of Intuit
Industry Personal finance, Software
Founded 2006
Founder(s) Aaron Patzer
Headquarters Mountain View, California
Area served United States, Canada
Products Rich Internet application
Revenue N/A
Employees 35[1]
Website mint.com

Mint.com is a free web-based personal financial management service for the US and Canada[2] created by entrepreneur Aaron Patzer. Mint originally provided account aggregation through a deal with Yodlee, but has since moved to using Intuit for connecting to accounts.[3] Mint's primary service allows users to track bank, credit card, investment, and loan transactions and balances through a single user interface. Users can also make budgets and goals, like saving $1000. Users also have the option to manually enter cash or check transactions.[4]

Mint has garnered media coverage from a number of blogs and media outlets such as the New York Times,[5] GigaOM,[6] VentureBeat,[7] the Orlando Sentinel,[8] and the San Francisco Chronicle.[9]

The company is located in Mountain View, California. Mint currently only supports financial institutions based in the United States[10] and Canada.[11]

On November 2, 2009, Intuit, the makers of Quicken and TurboTax, completed acquisition of Mint.com.[12]

On April 19, 2010, Mint.com announced expansion in its reach to connect securely and to download transactions from virtually every bank, credit union and credit card account in the United States with online banking capability. Mint.com can connect with more than 16,000 US financial institutions and supports more than 17 million individual financial accounts. By April 2010, Mint had more than three million users.[13]

As of May 2011, Mint has over 5 million users.[citation needed]

Contents

Investment and finances

Mint has raised over $31M in venture capital funding from DAG Ventures, Shasta Ventures, and First Round Capital,[14][15] as well as from angel investors including Ram Shriram, an early investor in Google.[16] The latest round of $14M was closed on August 4, 2009,[17] and reported by CEO Aaron Patzer as preemptive.[18] TechCrunch later pegged the valuation of Mint at $140M.[19]

Currently (Feb 2008), revenue is generated through lead generation in which Mint.com recommends highly personalized financial products to its users.[20]

Bloomberg reported (May 2009) Mint was considering selling access to anonymous consumer data as a form of revenue.[21] This led to some criticism,[citation needed] as personal data can be de-anonymized.[22] Aaron Patzer later responded by calling Bloomberg's headline a "misinterpretation", as only aggregate spending indexes would be published, not individual consumer data.[23]

Sale

September 13, 2009 – TechCrunch reported Intuit would acquire Mint for $170 million.[24] An official announcement was made the following day.

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.[12] Patzer further added the features of the online product Mint.com would be incorporated into the Quicken desktop product, and vice versa, as two collaborative aspects of the Intuit Personal Finance team.[25]

December 2009 – One month after the completion of the acquisition, the Lead Designer of Mint.com, Jason Putorti, left Intuit to join Bessemer Venture Partners.[26]

Press and awards

References

  1. ^ "Everything You Wanted To Know About Startup Building But Were Afraid To Ask". TechCrunch. October 7, 2009. http://www.techcrunch.com/2009/10/07/everything-you-wanted-to-know-about-startup-building-but-were-afraid-to-ask/. Retrieved 2009-10-14. 
  2. ^ "Can Mint be used outside of the U.S.?". http://satisfaction.mint.com/mint/topics/can_mint_be_used_outside_of_the_u_s?from_gsfn=true. 
  3. ^ Ellis, Blake (December 2, 2010). "Yodlee no longer powers Mint.com's data aggregation tools". CNN. http://money.cnn.com/2010/12/02/pf/mint_leaves_yodlee/index.htm. 
  4. ^ "Mint.com Now Tracks Cash and Pending Transactions". http://mashable.com/2010/04/12/mint-cash-pending. Retrieved 2010-04-19. 
  5. ^ Caruso, Denise (October 7, 2007). "RE:Framing; Securing Very Important Data: Your Own". The New York Times. http://query.nytimes.com/gst/fullpage.html?res=9C01E7DB1630F934A35753C1A9619C8B63. 
  6. ^ DeMonte, Adena (September 19, 2007). "Mint's A Personal Finance After-Banking Treat". GigaOM. http://gigaom.com/2007/09/19/review-mint%e2%80%99s-a-personal-finance-after-banking-treat/#more-10255. 
  7. ^ Eldon, Eric (September 18, 2007). "Mint: The Easiest Way to Manage Your Personal Finances". Venture Beat. http://venturebeat.com/2007/09/18/mint-the-easiest-way-to-manage-your-personal-finances. 
  8. ^ Horowitz, Etan (September 29, 2007). "What's hot online? Techies like Twitter and Mint". http://www.orlandosentinel.com/technology/orl-horowitz2907sep29,0,5763867.column?track=rss. 
  9. ^ Verne (September 18, 2007). "The award goes to ... Mint". San Francisco Chronicle. http://www.sfgate.com/cgi-bin/blogs/sfgate/detail?blogid=19&entry_id=20409. 
  10. ^ "Frequently Asked Questions". http://www.mint.com/help/. 
  11. ^ "Mint Canada?". Mint.com forums. http://satisfaction.mint.com/mint/topics/mint_canada#reply_2989909. Retrieved 12 August 2010. 
  12. ^ a b "Intuit Completes Acquisition of Mint.com". Intuit. November 2, 2009. http://about.intuit.com/about_intuit/press_room/press_release/articles/2009/IntuitCompletesAcquisitionofMint.com. 
  13. ^ "Get the Full Financial Picture: Mint.com Works With Nearly All U.S. Banks". http://www.marketwatch.com/story/get-the-full-financial-picture-mintcom-works-with-nearly-all-us-banks-2010-04-19?reflink=MW_news_stmp. 
  14. ^ Vivek (May 23, 2007). "MyMint.com acquires Mint.com; raises $5 million". Startup Squad. http://startupsquad.com/2007/05/23/mymintcom-acquires-mintcom-raises-5-million/. 
  15. ^ Cutler, Kim-Mai (August 12, 2009). "Mint.com rakes in $14 Million in third round of funding". VentureBeat. http://venturebeat.com/2009/08/12/mintcom-rakes-14-million-in-third-round-of-funding/. 
  16. ^ Marshall, Matt (October 16, 2007). "Mint, online money manager, raises $4.7M". Venture Beat. http://venturebeat.com/2007/10/16/mint-online-money-manager-raises-47m/. 
  17. ^ http://sec.gov/Archives/edgar/data/1378887/000137888709000006/xslFormDX01/primary_doc.xml
  18. ^ Kincaid, Jason (August 12, 2009). "Full Details On Mint’s $14 Million Series C Round". Tech Crunch. http://www.techcrunch.com/2009/08/12/full-details-on-mints-14-million-series-c-round. 
  19. ^ Arrington, Michael (September 2, 2009). "Mint is Worth A Mint: $140 Million Valuation". Tech Crunch. http://www.techcrunch.com/2009/09/02/mint-is-worth-a-mint-140-million-valuation/. 
  20. ^ "How Mint’s SmartSave Savings Engine Works". Mint.com. October 11, 2007. http://blog.mint.com/blog/updates/how-mints-smartsave%E2%84%A2-savings-engine-works/. Retrieved 2008-02-24. "Mint does make a small referral fee from advertisers on some offers. That’s what keeps Mint free." 
  21. ^ Galante, Joseph (May 18, 2009). "Mint.com May Begin Selling Access to Anonymous Consumer Data". Bloomberg. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aWJnLqF0Y8zs. 
  22. ^ "Lendingclub.com: A De-anonymization Walkthrough". 33 bits of Entropy. November 12, 2008. http://33bits.org/2008/11/12/57/. 
  23. ^ Tartakoff, Joseph. "Interview: Mint.com CEO Patzer On His Plans To Boost Sales Ten-Fold This Year". http://paidcontent.org/article/419-interview-mint.com-ceo/. 
  24. ^ Arrington, Michael (September 13, 2009). "Intuit To Acquire (Former TechCrunch50 Winner) Mint For $170 Million". Tech Crunch. http://www.techcrunch.com/2009/09/13/intuit-to-acquire-former-techcrunch50-winner-mint-for-170-million/. 
  25. ^ "Intuit Completes Acquisition of Mint.com". The Quicken Blog. November 2, 2009. http://blog.quicken.intuit.com/announcement/2009/11/02/intuit-completes-acquisition-of-mint-com/. 
  26. ^ "Bessemer Snags a "Designer in Residence" from Mint.com". Techcrunch. December 1, 2009. http://techcrunch.com/2009/12/01/bessemer-jason-putorti-designer/. 
  27. ^ "50 Best Websites 2008". Time. June 17, 2009. http://www.time.com/time/specials/2007/article/0,28804,1809858_1809955_1811440,00.html. Retrieved May 12, 2010. 
  28. ^ "50 Best Websites 2009". Time. August 24, 2009. http://www.time.com/time/specials/packages/article/0,28804,1918031_1918016_1917991,00.html. Retrieved May 12, 2010. 
  29. ^ "50 Best Websites 2010". Time. August 25, 2010. http://www.time.com/time/specials/packages/article/0,28804,2012721_2012894_2012892,00.html. Retrieved March 29, 2011. 
  30. ^ a b "13th Annual Webby Awards Nominees & Winners". The Webby Awards. May 5, 2009. http://www.webbyawards.com/webbys/current.php?season=13. Retrieved 2009-05-06. 
  31. ^ a b "12th Annual Webby Awards Nominees & Winners". The Webby Awards. May 28, 2008. http://www.webbyawards.com/webbys/current.php?season=12. Retrieved 2009-05-06. 
  32. ^ "Four free Web sites give you an instant big picture on your saving, spending and retirement portfolio. But only one is the best". CNN. December 2, 2008. http://money.cnn.com/galleries/2008/pf/0811/gallery.web_sites.moneymag/2.html. Retrieved May 12, 2010. 
  33. ^ Arar, Yardena (January 29, 2008). "Online Finance Services Show Where Your Money Goes". PC World. http://www.pcworld.com/article/141831/online_finance_services_show_where_your_money_goes.html. 
  34. ^ "Mint.com Review & Rating". PC Magazine. June 20, 2008. http://www.pcmag.com/article2/0,2817,2321083,00.asp. 
  35. ^ "The 25 Most Innovative Products of the Year". PC World. December 28, 2007. http://www.pcworld.com/article/140663-4/the_25_most_innovative_products_of_the_year.html. 
  36. ^ "Mint Wins TechCrunch40 Top Company Award; Takes $50,000 Prize". TechCrunch. September 18, 2007. http://www.techcrunch.com/2007/09/18/mint-wins-techcrunch40-50000-award/. Retrieved 2008-01-29. 

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