Mint.com
Encyclopedia
Mint.com is a free web-based personal financial management service for the US and Canada 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. 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.
Mint has garnered media coverage from a number of blogs and media outlets such as the New York Times, GigaOM
, VentureBeat
, the Orlando Sentinel
, and the San Francisco Chronicle
.
The company is located in Mountain View, California
. Mint currently only supports financial institutions based in the United States and Canada.
On November 2, 2009, Intuit, the makers of Quicken
and TurboTax
, completed acquisition of Mint.com.
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.
As of May 2011, Mint has over 5 million users.
funding from DAG Ventures
, Shasta Ventures, and First Round Capital
, as well as from angel investor
s 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.
Currently (Feb 2008), revenue
is generated through lead generation
in which Mint.com recommends highly personalized financial products to its users.
Bloomberg
reported (May 2009) Mint was considering selling access to anonymous consumer data as a form of revenue. This led to some criticism, as personal data can be de-anonymized. Aaron Patzer later responded by calling Bloomberg's headline a "misinterpretation", as only aggregate spending indexes would be published, not individual consumer data.
reported Intuit would acquire Mint for $170 million. 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. 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.
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
.
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
Aaron Patzer
Aaron Patzer
Aaron Patzer is an internet entrepreneur and the founder of Mint.com.Patzer graduated from Duke University in 2002 with a BSEE. He also has an MSEE from Princeton University. Patzer got his first work experience in the Internet boom years of 1998-2000, working for Getawebsite.com and Miadora.com...
. Mint originally provided account aggregation
Account aggregation
Account 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 business accounts, into a single place...
through a deal with Yodlee
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...
, 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 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.
Mint has garnered media coverage from a number of blogs and media outlets such as the New York Times, GigaOM
GigaOM
GigaOM is a Web 2.0 blog started by Om Malik and published by Giga Omni Media, Inc. in San Francisco, California. According to the company website it has a monthly global audience of 500,000. It is among the top 50 blogs worldwide by Technorati Rank, and is listed on CNet's Blog 100 list...
, VentureBeat
VentureBeat
VentureBeat is a technology blog that focuses on innovative companies and the forward-thinking executives behind them.-History:The company was founded in 2006 by Matt Marshall. In 2008, the New York Times called VentureBeat one of the "top blogs"...
, the Orlando Sentinel
Orlando Sentinel
The Orlando Sentinel is the primary newspaper of the Orlando, Florida region. It was founded in 1876. The Sentinel is owned by Tribune Company and is overseen by the Chicago Tribune. As of 2005, the Sentinel’s president and publisher was Kathleen Waltz; she announced her resignation in February 2008...
, and the San Francisco Chronicle
San Francisco Chronicle
thumb|right|upright|The Chronicle Building following the [[1906 San Francisco earthquake|1906 earthquake]] and fireThe San Francisco Chronicle is a newspaper serving primarily the San Francisco Bay Area of the U.S. state of California, but distributed throughout Northern and Central California,...
.
The company is located in Mountain View, California
Mountain View, California
-Downtown:Mountain View has a pedestrian-friendly downtown centered on Castro Street. The downtown area consists of the seven blocks of Castro Street from the Downtown Mountain View Station transit center in the north to the intersection with El Camino Real in the south...
. Mint currently only supports financial institutions based in the United States and Canada.
On November 2, 2009, Intuit, the makers of Quicken
Quicken
Quicken is a personal finance management tool developed by Intuit, Inc.Quicken runs on Windows and Macintosh systems. Previous versions ran on DOS. An online version is also available. The last version of Quicken for Macintosh computers was Quicken Essentials for Mac released in February 2010...
and TurboTax
TurboTax
TurboTax is an American tax preparation software package developed by Michael A. Chipman of Chipsoft in the mid-1980s. TurboTax became an Intuit product as a result of the 1993 acquisition of its creator, San Diego-based Chipsoft. Chipsoft, now known as Intuit Consumer Tax Group, is still based in...
, completed acquisition of Mint.com.
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
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
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.
As of May 2011, Mint has over 5 million users.
Investment and finances
Mint has raised over $31M in venture capitalVenture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
funding from DAG Ventures
DAG Ventures
DAG Ventures is an American venture capital firm based in Palo Alto, California. It is known as a "coattail" fund for co-investing in later-stage private financing rounds alongside more prominent top-tier venture funds such as Kleiner Perkins, Sequoia Capital, Benchmark Capital, and Accel Venture...
, Shasta Ventures, and First Round Capital
First Round Capital
First Round Capital is a venture capital firm that specializes in providing seed-stage funding to technology companies. Managed by Josh Kopelman, Chris Fralic, Rob Hayes and Howard L. Morgan, the Philadelphia-based company typically provides seed-stage investment that ranges from $250,000 to $500,000...
, as well as from angel investor
Angel investor
An angel investor or angel is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity...
s including Ram Shriram
Ram Shriram
Kavitark Ram Shriram is the founding board member of Google and one of the first investors in Google. He earlier served as an officer of Amazon.com working for Jeff Bezos, founder & CEO. Shriram came to Amazon.com in August, 1998, when Amazon acquired Junglee, an online comparison shopping firm of...
, an early investor in Google
Google
Google Inc. is an American multinational public corporation invested in Internet search, cloud computing, and advertising technologies. Google hosts and develops a number of Internet-based services and products, and generates profit primarily from advertising through its AdWords program...
. The latest round of $14M was closed on August 4, 2009, and reported by CEO Aaron Patzer
Aaron Patzer
Aaron Patzer is an internet entrepreneur and the founder of Mint.com.Patzer graduated from Duke University in 2002 with a BSEE. He also has an MSEE from Princeton University. Patzer got his first work experience in the Internet boom years of 1998-2000, working for Getawebsite.com and Miadora.com...
as preemptive. TechCrunch later pegged the valuation of Mint at $140M.
Currently (Feb 2008), revenue
Revenue
In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover....
is generated through lead generation
Lead generation
Lead generation, or lead gen is a marketing tool used, particularly in internet marketing, to generate consumer interest or inquiry into products or services of a business. Leads can be generated for a variety of purposes - list building, e-newsletter list acquisition or for winning customers....
in which Mint.com recommends highly personalized financial products to its users.
Bloomberg
Bloomberg L.P.
Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...
reported (May 2009) Mint was considering selling access to anonymous consumer data as a form of revenue. This led to some criticism, as personal data can be de-anonymized. Aaron Patzer later responded by calling Bloomberg's headline a "misinterpretation", as only aggregate spending indexes would be published, not individual consumer data.
Sale
September 13, 2009 – TechCrunchTechCrunch
TechCrunch is a web publication that offers technology news and analysis, as well as profiling of startup companies, products, and websites. It was founded by Michael Arrington in 2005, and was first published on June 11, 2005....
reported Intuit would acquire Mint for $170 million. 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. 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.
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
Bessemer Venture Partners
Bessemer Venture Partners is a private venture capital firm with offices in Silicon Valley, New York, Massachusetts, Israel, China, and India.Bessemer Venture Partners is the longest-standing venture capital practice in the United States...
.
Press and awards
- Time Magazine's 50 Best Websites, 2008, 2009, and 2010
- Webby AwardWebby AwardsA Webby Award is an international award presented annually by The International Academy of Digital Arts and Sciences for excellence on the Internet with categories in websites, interactive advertising, online film and video, and mobile....
Winner, 2009 - People's Voice Winner for Banking/Bill PayingElectronic bill paymentElectronic bill payment is a feature of online banking, similar in its effect to a giro, allowing a depositor to send money from their demand account to a creditor or vendor such as a public utility or a department store to be credited against a specific account...
, Webby Awards 2009 - People's Voice Winner for Financial ServicesFinancial servicesFinancial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
, Webby Awards 2008 and 2009 - Named a top pick and given 4-stars from Money MagazineMoney MagazineMoney Magazine is a business news and financial programme that is broadcast on Sundays at 7:00pm in Hong Kong by television channel TVB Pearl.-Producers and reporters:...
, 2008 - Named one of KiplingerKiplingerKiplinger is a Washington, D.C.-based publisher of business forecasts and personal finance advice, available in print, online, audio, video and software products ....
's best budgeting sites, 2008 - PC WorldPC World (magazine)PC World is a global computer magazine published monthly by IDG. It offers advice on various aspects of PCs and related items, the Internet, and other personal-technology products and services...
's Top Rated Online Finance Service, 2008 - PC MagazinePC MagazinePC Magazine is a computer magazine published by Ziff Davis Publishing Holdings Inc. A print edition was published from 1982 to January 2009...
Editors' Choice, 2008 - PC World 25 Most Innovative Products, 2007
- TechCrunch40 Best Presenting Company and $50,000 of prize money, September 18, 2007.