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Intuit Mint

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Mint.com
Company typePrivate
IndustryPersonal finance, Software
Founded2006
HeadquartersMountain View, California
Key people
Aaron Patzer, founder and CEO
ProductsRich Internet application
RevenueN/A
Number of employees
35[1]
Websitehttp://www.mint.com/

Mint.com is a free web-based personal financial management service created by entrepreneur Aaron Patzer[1]. Mint provides account aggregation through a deal with Yodlee. Mint's primary service allows for users to track bank, credit card, investment, and loan transactions and balances through a single user interface.

Mint has garnered media coverage from a number of blogs and media outlets such as the New York Times,[2] GigaOM,[3] VentureBeat,[4] the Orlando Sentinel,[5] and the San Francisco Chronicle.[6]

The company is located in Mountain View, California. Mint currently only supports financial institutions based in the United States.[7]

September 2007: Launched product. February 2009: From February 2009 to September 2009 mint.com added approximately 3,333 new users per day. September 2009: After 24 months, mint.com reached 1.6 million users. On September 13 2009 it was announced that Mint was purchased by Intuit for $170 million. October 2009: Aaron is quoted as saying: "I'd say we add about 30,000 new users per week".

Mint.com went from zero to 2 million users, in 2 years. They spend $2 million in marketing costs (including salaries) As of 2009, they have 5 marketing personnel including the CMO.

Domain Name: Aaron did a deal with Hite Capital and gave them a “substantial” amount (estimated at 1%) of Series A stock for the domain name. With the acquisition valued at $170m, Hite Capital's realization for the domain name was approximately $2m.

Investment and Finances

Mint has raised over $31M in venture capital funding from DAG Ventures, Shasta Ventures, and First Round Capital,[8][9] as well as from angel investors including Ram Shriram, an early investor in Google.[10] The latest round of $14M was closed on August 4, 2009[11], and reported by CEO Aaron Patzer as preemptive.[12] TechCrunch later pegged the valuation of Mint at $140M.[13]

Currently, revenue is generated through lead generation in which Mint.com recommends highly personalized financial products to its users.[14]

It was reported by Bloomberg that Mint was considering selling access to anonymous consumer data as a form of revenue.[15] This led to some criticism[citation needed] as personal data can be de-anonymized.[16] Aaron Patzer later responded by calling Bloomberg's headline a "misinterpretation", as only aggregate spending indexes would be published, not individual consumer data.[17]

Sale

TechCrunch reported on September 13, 2009 that Intuit would acquire Mint for $170M.[18] An official announcement was made the following day.

Awards

See also

References

  1. ^ "Everything You Wanted To Know About Startup Building But Were Afraid To Ask". TechCrunch. October 7, 2009. Retrieved 2009-10-14.
  2. ^ Caruso, Denise (October 7, 2007). "RE:Framing; Securing Very Important Data: Your Own". The New York Times.
  3. ^ DeMonte, Adena (September 19, 2007). "Mint's A Personal Finance After-Banking Treat". GigaOM.
  4. ^ Eldon, Eric (September 18, 2007). "Mint: The Easiest Way to Manage Your Personal Finances". Venture Beat.
  5. ^ Horowitz, Etan (September 29, 2007). "What's hot online? Techies like Twitter and Mint".
  6. ^ Verne. "The award goes to ... Mint". San Francisco Chronicle.
  7. ^ "Frequently Asked Questions".
  8. ^ Vivek (May 23, 2007). "MyMint.com acquires Mint.com; raises $5 million". Startup Squad.
  9. ^ http://venturebeat.com/2009/08/12/mintcom-rakes-14-million-in-third-round-of-funding/
  10. ^ Marshall, Matt (October 16, 2007). "Mint, online money manager, raises $4.7M". Venture Beat.
  11. ^ http://sec.gov/Archives/edgar/data/1378887/000137888709000006/xslFormDX01/primary_doc.xml
  12. ^ Kincaid, Jason (August 12, 2009). "Full Details On Mint's $14 Million Series C Round". Tech Crunch.
  13. ^ Arrington, Michael (September 2, 2009). "Mint is Worth A Mint: $140 Million Valuation". Tech Crunch.
  14. ^ "How Mint's SmartSave Savings Engine Works". Mint.com. October 11, 2007. Retrieved 2008-02-24. Mint does make a small referral fee from advertisers on some offers. That's what keeps Mint free.
  15. ^ Galante, Joseph (May 18, 2009). "Mint.com May Begin Selling Access to Anonymous Consumer Data". Bloomberg.
  16. ^ "Lendingclub.com: A De-anonymization Walkthrough". 33 bits of Entropy. November 12, 2008.
  17. ^ Tartakoff, Joseph. "Interview: Mint.com CEO Patzer On His Plans To Boost Sales Ten-Fold This Year".
  18. ^ Arrington, Michael (September 13, 2009). "Intuit To Acquire (Former TechCrunch50 Winner) Mint For $170 Million". Tech Crunch.
  19. ^ http://www.time.com/time/specials/packages/article/0,28804,1918031_1918016_1917991,00.html
  20. ^ http://www.time.com/time/specials/2007/article/0,28804,1809858_1809955_1811440,00.html
  21. ^ http://www.pcmag.com/article2/0,2817,2321083,00.asp
  22. ^ http://money.cnn.com/galleries/2008/pf/0811/gallery.web_sites.moneymag/2.html
  23. ^ http://www.kiplinger.com/features/archives/2008/12/best-online-budgeting-sites.html
  24. ^ "13th Annual Webby Awards Nominees & Winners". The Webby Awards. May 5, 2009. Retrieved 2009-05-06.
  25. ^ http://www.pcworld.com/article/id,141831-page,2-c,personalfinance/article.html
  26. ^ "12th Annual Webby Awards Nominees & Winners". The Webby Awards. May 28, 2008. Retrieved 2009-05-06.
  27. ^ http://www.pcworld.com/article/140663-4/the_25_most_innovative_products_of_the_year.html
  28. ^ "Mint Wins TechCrunch40 Top Company Award; Takes $50,000 Prize". TechCrunch. September 18, 2007. Retrieved 2008-01-29.
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