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Why Mint.com + Intuit is a Big Idea

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Today, exactly two years after launching at TechCrunch40, I’m excited to announce that we have signed a definitive agreement to be acquired by Intuit, makers of Quicken, QuickBooks, and TurboTax, for approximately $170 million.  It’s a great opportunity that could bring Mint.com’s unique approach to personal financial management to millions more consumers and small businesses as well as the 1,800 banks and credit unions serviced by Intuit.

In two years, we’ve attracted over 1.5 million users, found over $300 million in savings, managed $50 billion in assets, and helped people track nearly $200 billion in purchases.  Most importantly, we’ve helped a lot of people better understand and do more with their money. Thousands of people have told us that Mint.com has helped them pay off debt, control their spending, manage job loss, and even resolve money disputes with their significant other.  Expect all of this goodness to increase after the acquisition closes. And yes, expect Mint.com to remain free!
 
This acquisition makes sense to me because, first and foremost, Mint.com and Intuit share a common vision.  Intuit is, and has always been, a very customer-centric organization, with constant usability studies and follow-me-homes that observe how people use software and the problems they’re trying to solve.  This is fully aligned with my design philosophy here at Mint.com.


In addition, by joining Intuit, we can accelerate our ability to add more fantastic new product functionality into both Quicken and Mint.com. This means more people will find it easy and affordable to stay on top of their money issues. Bottom line? I see this as a chance to take a big leap forward toward our ultimate goal of improving the national savings rate.

Personally, I’ll play a leading role in the next phase of the evolution of Quicken, one of the best known, most trusted, and respected brands in software. A recent survey showed that 85% of U.S. adults had heard of Quicken.  It’s humbling to work with the people who really pioneered the field of personal finance applications.

Intuit is equally excited.  They recognize Mint employees as innovative thought-leaders in the field, who can make a breakthrough contribution to Intuit’s connected services strategy.
 
We expect the deal will close by the end of the calendar year. We’re looking forward to the opportunity to be part of a larger team with more resources that will continue to deliver the best personal finance tools out there!
 
Aaron Patzer
Founder and CEO

For Intuit’s take see: http://blog.quicken.intuit.com/announcement/2009/09/14/mint-com-to-join-the-intuit-family/

9/15/09, Update:

I wanted to let you know that I’ve been following your comments and I totally appreciate your passionate response to our announcement. I’ll try to address your concerns as clearly as possible.

Here’s a little more detail on what’s happening. After the acquisition closes, the Mint.com team will be leading the development of both Mint.com and Intuit’s existing personal finance products, Quicken desktop and Quicken Online. The fact that Intuit has agreed to acquire Mint.com, and is leaving our team intact, is evidence that Intuit has been impressed by and wants to build upon the user experience that Mint.com offers. We’ll not only improve upon that experience for Mint.com but also bring our know-how to the Quicken product line. Destroying the Mint.com user experience does not make sense for Intuit, Mint.com or any of our users.  

I can’t speak to Intuit’s customer service but Mint has always been as responsive as possible to our users. We believe this is one of the reasons for the success we’ve had and the trust you’ve put in us. Our ability to respond quickly to user requests is key to the way we build software. In fact, in the discussions leading to this deal, Intuit heard a lot about our software development process and told us they are very interested in learning how they can do the same thing for all of their software products, not just the personal finance ones.

Aaron Patzer
Founder and CEO

Intuit founder Scott Cook on why Mint.com won’t change

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582 Comments so far

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  1. I like how your announcement has no mention of whether it will continue to be free or not. “Use Mint… but for these other features, such as everything useful, you’ll want to pay $6.95 a month for Mint Pro!”

  2. Rick B

    Congrats to all the Mint staff. You’ve made a great product.

  3. tghosh

    OK. Great news for you guys over at Mint.com

    What is the licensing model going to be? Approximate the cost to the end user? As an avid Mint.com user, one can not expect this service to be free for much longer after this acquisition.

  4. Will Mint remain its own company/format/look and feel or can we expect Quicken branding to replace Mint?

    I can’t imagine that the same company would want two products that are aiming for the same marketplace?

    congrats

  5. I’ll believe it when I see it. Intuit has a long history of sucking. If they treat their paying customers to a hefty yearly subscription, pay for updated and pay for horrible outsourced support, why do you think I would find this a good thing?

    What a sad day.

  6. Congratulations on the deal, Aaron. Intuit + Mint makes more than cents.

  7. We can expect Mint.com to remain free, but can we also expect the same level of service, features, and enhancements? Many of us worry that Quicken will become the “premium” money management software, and Mint.com will lack new features in hopes to drive users to pay for Quicken.

    I’m sure we are all very loyal, but we WILL move to the next FREE personal finance startup if Mint.com’s quality starts to diminish.

  8. EvilDave

    I am not happy.
    One of the best benefits of Mint was that it wasn’t Intuit.
    Without MSFT Money around Intuit has a monopoly on the personal finance market.
    Not pleased at all.

  9. Devon Hubbard

    Aaron,

    Congratulations on today’s news announcement! True entrepreneurial spirit at it’s best. Way to go!!

    cheers,
    dEVoN

  10. Congrats on the big news! Glad to see you’re staying on board and looking forward to seeing how you use Intuit’s resources to bring Mint to the next level!

  11. Branden

    Great – I moved to Mint because Inuit has written piece of crap software for the last decade, and I got fed up with it. Now they’re taking over Mint.

  12. I signed up with Mint over a year ago to get away from Quicken. I’m happy for the founders of Mint, but I’m skeptical to say the least. As I’ve stated before, I will not hesitate to pull all of my accounts from Mint if it starts to resemble Quicken in any manner.

    Thanks for the hard work you’ve put in so far Mint. I hope for the best.

  13. Nicholas

    So are we going to be overly charged for service and support? Dang it.. I hope the “IT’s FREE!” Marketing Campaign sticks around..

  14. Jamie S

    Congratulations on the fantastic exit! As a user of both Mint and Quicken Online, I hope both services will be able to benefit from features from the other. I’m looking forward to the future!

  15. Stephen Study

    Farewell Mint.com.

  16. Tiffany

    I am spectacularly disappointed by this announcement. Mint is wonderful, and Quicken is absolutely horrible. Please do not become like Quicken, as I will lose the best, most effective, and most functional way I’ve ever managed my finances.

  17. Danny Novo

    Huh. I wonder how many of us joined Mint in order to flee Intuit. I know I did. Their products are bad, their customer service is worse, and their inattention to the needs of their users is legendary. From your own post, “Intuit is equally excited. They recognize Mint employees as” resources to wring dry. No comment on recognizing the 1.5 million users Mint serves.

    Make no bones about it, Intuit is on the ropes with their products, and they are looking at Mint as a source of ideas and credibility. I really have a hard time seeing what Mint gets out of Intuit, marketing speak above not withstanding.

    I’ll stick around to see what happens, but this doesn’t feel like a good move.

  18. So how soon before we have to pay to use Mint?

  19. Well I guess that puts the final nail in any hope of mint.com coming to the UK. :-(

  20. I hesitate to embrace this acquisition. I left Quicken in favor of Mint.com because of Quickens lousy user interface. I hope this decision preserves Mint’s clean interface philosophy and keeps Quicken’s messy interface at bay.

  21. Oh no, this doesn’t strike me as good news. :-(

  22. I can’t help but to expect Intuit to run Mint into the ground along with Quicken for Mac. I do hope that Mint will be able to leverage Intuit’s Digital Insight’s BU to directly connect to bank websites to supplement the Yodlee method they do now.

  23. Jimbo Jones

    Congrats. Please change Quicken for the better. It has turned into a bloated, buggy, mess.

  24. Congratulations on your exit. This is absolutely a crowning achievement and I wish you and the rest of the Mint.com crew the best. However, it seems odd to me that the leader of Mint.com would immediately be announcing a new role within the evolution of Quicken while in the same post indicating that both Quicken and Mint will continue. Candidly, I don’t buy it. I don’t see both living. The solutions are nearly perfect overlaps. This was either a customer grab or recognition that mint.com had a better solution (or both). Please be as transparent as possible with your customers (Mint and Intuit) and let us know which one lives on. Nothing fun in guessing which one lives and which one doesn’t. Particularly when you are sitting on our historical financial data.

    Cheers

  25. BenJoe

    I came to Mint.com to get away from Intuit. THEY SUCK and show NO INNOVATION at all.

    Thanks for nothing, moving to wesabe.

  26. Bob Jase

    Does this mean that the bank providers/connectors will now support all organizations accessible from Quickbooks and Quicken?

  27. Boo. Bad idea. Intuit and their companies operate in bad faith and arbitrarily punish consumers.

    I’ll be canceling my mint account promptly. Great for Mint, but bad for consumers.

  28. d.wilks

    please please please…..

    DON’T SELL US OUT

    :-)

    we love mint so much… don’t ever make us buy, re-sign-up, or use/sell our personal information. this is the main reason that folks out there can feel safe and secure about using mint.

    Big companies are only about the bottom line. Its kinda sad to see another amazing mountain view company get swallowed up.

    best.

    -DW

  29. Congratulations Aaron and staff, I’m sure with your continued assistance, Mint will continue to be an excellent source of financial assistance to people.

  30. Stephen Cooper

    Since the Mac product suite seems to always have been Intuit’s b*stard step-child, will mint.com continue to support non-Windows computers and non-IE browsers with the same level of functionality as what Windows users enjoy?

    Good luck to you in this acquisition!

  31. Aaron,

    Please hold true to your vision with mint. Honestly it seems like Intuit could figure out a way to mess it up. They are big, but your software is fresher, cleaner, and better than they’ve been able to come up with and there is a reason for that.

    - Jason

  32. Congratulations Mint.com-team! Well-deserved acquisition – I’m actually surprised it did not happen sooner.

    Now I need to inform myself about Intuit and decide whether I can extend my existing trust in mint to them.

    Thanks for all your services pre-Intuit – Tobias (somebody who saved quite a bundle through you)

  33. I knew you were looking to cash out ASAP and it sounds like your team did well and got a great price. Congratulations!

  34. Hoping perhaps this will bring access to Australian users!

  35. Congratulations to all at Mint.com!! What a perfect fit. Let’s just hope Intuit keeps up the great work you at Mint.com started.

    Bettina

  36. Paul Derby

    Aaron, I’m glad you and your team got $170M for Mint. That said, you just sold out to a company that doesn’t care much at all for their customers. Quicken for the Mac is one of the lousiest excuses for software that has ever existed. The Windows version isn’t much better.

    I predict you will last at Intuit a few months, then quit in quiet disgust.

    Congrats on getting rich with Mint. I wish you had sold out to someone else…..

  37. Nice payday, Aaron. Now if you can keep mint.com headed in the same positive direction — that is to say, don’t let the Intuit guys do to it what they have done to their own sad product — I’ll continue to be an avid user. If the product has issues similar to those of Quicken, which are never addressed, I’ll pass. Good luck to you and your team; you have a marvelous product.

  38. Oh no! Maybe this will be great for Mint.com, but I found you guys while looking for an alternative to Quicken.

    After using Quicken for 4 years, it became clear to me that in fact, Intuit wasn’t customer-centric at all. It was more interested in putting out a bloated new product every year. My customer service experience with them has been tepid at best and each new version has given me nothing but “features” that I neither need nor want. I’ve been Quicken-free for just over a month now and have been loving it. I guess I’m willing to give it a chance, but this doesn’t sound like good news to me.

    If you want to get your message out, I wish you’d give it the time needed to pursue beauty instead of jumping in bed with a gorilla. 2 years is nothing.

  39. Richard

    Aaron,

    Congratulations on your recent announcement! I’m afraid I don’t share your optimism for the future of Mint, however. Where I have been impressed by Mint’s rapid development into a great product and was looking forward to using it more and more, I gave up on Quicken for Mac years ago (way before I started using Mint). Besides (dare I say it) an unintuitive interface, Quicken was an extremely poor user experience, driven, I think, by the company’s culture. In my experience, that kind of culture is very hard to change. This was a smart move by Intuit, certainly. Selfishly, I sincerely hope the Mint team can maintain its integrity in its new home and hope that Intuit won’t try to fix something that ain’t broke. I wish you well in your new endeavor.

  40. Congrats Aaron on your acquisition as you and your team’s hard work is paying off. You have a great product and we look forward to talking about Mint and Quicken again shortly in our media.

  41. Intuit, unfortunately, has always been a bit behind the times for me. What I love about mint was it’s forward thinking; even the interface continued to evolve at a rapid, modern pace. Counter that with QB for mac and no enterprise level quality, or QB for web run on an old school, non-standard front-end code. It makes sense, it’s a great business move for your organization, and I wish you the best- but this lost me as a client.

  42. Jim Petrous

    This is sad; what I liked about Mint.com was the independance. No longer. If I wanted Intuit to have my financial info I would have given it to them.

  43. John Jacobsen

    This comes as something of a disappointment. I have used Quicken for nearly a decade to manage my finances, and was hoping Mint.com could become a way to migrate away from Quicken; up to now, there has been no adequate replacement which could handle my existing Quicken data. I have found that Intuit’s support for Mac OS-X sorely lags behind that of Windows. Their Mac product is slow at times and crashes for me at least once per session.

    Perhaps Mint.com will provide Intuit with the developer horsepower, or at least the horse sense, to provide products that I would happily purchase (or, better yet, use for free, like the current Mint.com). Until that proves to be true, I still wait for the chance to jump ship to a better product.

  44. Ray Toler

    Aaron,

    Congratulations to you and your team. I only wish it was with another company. If there’s any company on the planet I don’t trust with my personal information, it’s Intuit. So it is with regret that I have canceled my mint.com account today.

    I hope you can bring a touch of the customer service approach that has been a hallmark of the Mint experience to Intuit… they desperately need it.

    Best of luck to you and the entire Mint.com team.

  45. Rajiv Roy

    Congratulations on the deal!

    - I have been a user of Personal Finance software since Managing Your Money. I have used Quicken for Desktop for several years and found it getting increasingly useless with terrible usability.
    - 3 years ago I stopped using Quicken completely and switched to MInt.

    I never regretted the decision.

    I also use mint on the iphone.

    Intuit was smart to acquire you guys!

    Rajiv

  46. I am considering closing my account immediately and recommending the same to friends and family unless there is a prompt and not open ended statement issued by Intuit on privacy and data security.

    Hope to hear soon from someone in my Mint user’s mailbox.

  47. I don’t feel comfortable with this

  48. Amazing news.
    Big congratulations to you and your team. Your application is unparalleled and I hope it will continue to be that way.

  49. John M. Prophet

    Terrible idea. I left Quicken after 8 years for lack of response to my complaints about the changes in format. I wasted my money. I hope Mint stays the same, but I suspect it won’t.

  50. As a previous quicken user, I chose to come to mint.com as an alternative to intuits slow moving, unimaginative, never improving products. I’m sad to see yet more little fish get gobbled up in the small pond of innovative SAS products.

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