Mint.com
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| Mint Logo | |
| Subsidiary | |
| Industry | Personal finance, Software |
| Founded | 2006 |
| Founder | Aaron Patzer |
| Headquarters | Mountain View, California, United States |
|
Area served
|
United States, Canada |
| Products | Rich Internet application, Mobile application |
| Revenue | N/A |
|
Number of employees
|
35 before acquired by Intuit in 2009[1] |
| Parent | Intuit |
| Website | mint.com |
Mint.com is a free, web-based personal financial management service for Canada and the US,[2] created by 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 balances and transactions hrough a single user interface, as well as create budgets and set financial goals.[4] In 2009, Mint was acquired by Intuit, the makers of Quicken and TurboTax.[5]
As of 2010, Mint.com claims to connect with more than 16,000 Canadian and US financial institutions, and to support more than 17 million individual financial accounts.[6] As of November 2013[update], Mint.com claimed to have more than 10 million users.[7]
Contents
Investment and finances
Mint 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]
In February 2008, revenue was generated through lead generation, earned via earning referral fees from recommendations of highly personalized, targeted financial products to its users.[14]
Sale
On September 13, 2009, TechCrunch reported Intuit would acquire Mint for $170 million.[15] An official announcement was made the following day.
On 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.[5] 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.[16]
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 are 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.[17][18] However, as of January 2016, Mint has not adhered to customer requests to implement multi-factor authentication to secure their Mint accounts.[19]
See also
References
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Further reading
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