Mint.com is a free, web-based personal financial management service for the US and Canada, 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. 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. In 2009, Mint was acquired by Intuit, the makers of Quicken and TurboTax.
As of 2010, Mint.com claims to connect with more than 16,000 US and Canadian financial institutions, and to support more than 17 million individual financial accounts. As of November 2013, Mint.com claimed to have more than 10 million users. In 2016, Mint.com claimed to have over 20 million users.
Video Mint.com
Investment and finances
Mint raised over $31M in venture capital funding from DAG Ventures, Shasta Ventures, and First Round Capital, as well as from angel investors including Ram Shriram, an early investor in Google. 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 was generated through lead generation, earned via earning referral fees from recommendations of highly personalized, targeted financial products to its users.
Sale
On September 13, 2009, TechCrunch reported Intuit 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 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 Quicken desktop product, and vice versa, as two collaborative aspects of the Intuit Personal Finance team. Patzer left Intuit in December 2012.
Maps Mint.com
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 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
- Wikinvest
References
Further reading
- "Revealed: Mint.com Could Soon Fire Back At Simple With A Debit Card Of Its Own". TechCrunch. AOL. Retrieved 27 February 2015.
- "Mint.com, a Finance Site, Raises $15 Million". The New York Times. Retrieved 27 February 2015.
- "For Mint.com, More Money in the Bank". The New York Times. Retrieved 27 February 2015.
External links
- Official website
Source of the article : Wikipedia
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