AtomicPR for Mint
New SpendSpace Feature enables Users to Compare their Spending to Others,
Mountain View, Calif., January 8, 2008 – Mint.com (www.mint.com), the fresh, free, easy and intelligent way for people to manage their money online, today announced that more than 100,000 users have registered at the site since its September 2007 launch. Mint.com is now organizing $6 billion in user transactions, and has identified nearly $90 million in savings opportunities.
“Mint.com provides a free and automatic service that helps people analyze their spending across all their banking and credit card accounts, create easy-to-maintain budgets, and make better decisions about managing their personal finances,” said Aaron Patzer, founder and CEO of Mint. “Users are telling us, via their rapid adoption and through survey feedback, that Mint.com is enabling them to do more with their money.”
Survey Finds Nearly 50% of Users Have Changed Spending Habits
Mint.com’s first customer survey, fielded in December, 2007, shows that 87% of respondents feel they better understand their spending after using Mint. And nearly half of them have changed their spending behavior as a result of what they’ve learned.* The most frequent change being eating and drinking at home more often.
“I found Mint.com a few months back and it is a life saver. In the first three months, I have restructured my budget; gotten rid of hemorrhaging expenses; and am almost completely out of debt,” said Chris Denny, an early user. “I've taught my fiancée, roommates, parents, even my boss how to use it! Thank you, thank you, and thank you. It is tools like yours that have the ability to change the tide with America's excessive spending and debt.”
New Features to Deliver Even More, Unique Value to Users… For Free
The company is leveraging its large and rapidly growing database of anonymous spending information for the benefit of its users: announcing a new, SpendSpace feature, which will allow users to compare their own spending, by category, with that of other users in any major US city or state, or versus national averages. All comparisons are anonymous, presented at an aggregate level, and cannot be shared with others.
“Users can now see, for example, that they spend four times the national average on Starbucks, or twice as much as their hometown average on their mobile plan,” said Patzer, “It’s helpful information to have when setting budgets, and it’s just kind of fun to know where you stand.”
In the coming months, Mint.com will also add the ability to track investments, student loans and mortgages, giving users an even more complete view of their personal finances.
How Mint.com Works
Mint.com is designed to make managing personal finances effortless -- and it’s free. It takes less than five minutes to get started; users register anonymously using only a valid email address, and then securely connect to their online bank, credit union and credit card accounts. Mint.com then does the rest; users never need to import or synch any data. Mint.com securely downloads transaction data from more than 3,500 financial institutions on a daily basis. It applies patent-pending technology and proprietary algorithms to compile and categorize transactions, providing users with a unified view of all account activity with high degree of accuracy and detail in a single, easy-to-understand interface.
An advanced alerting system proactively lets users know about unusual or potentially suspicious activity, low balances, bank fees and charges, and upcoming bills. Beyond showing users where their money goes, Mint.com also provides specific, individualized suggestions that can save them real money. The average user can find up to $1,000 in savings in their first session.
Awards and Accolades
The PC World 25 Most Innovative Products Award presented to Mint.com last night caps a series of accolades that
started with TechCrunch 40’s Best in Show at launch on September 18, 2007. Other honors have included:
Business Week 101 Best Free Sites on the Web;
Lifehacker Top 10 Innovations for 2007;
Finovate Best in Show for financial innovation;
Crunchie Award finalist for the start up company Most Likely to Succeed;
Motley Fool Award finalist for Best Money Management Tool 2007; and
NetBanker nominee for Top Innovations in Online Banking and Finance in 2007
Safety and Security
Mint provides the same level of online data security as top US banks through a partnership with Yodlee, the leading provider of online banking services to major financial institutions for nearly ten years. Mint’s privacy and security policies and systems have been certified by Hackersafe, RSA, TRUSTe and VeriSign. Mint never asks for a personal identity, requiring only a valid email address.
About Mint http://www.mint.com
Mint.com is the fresh, easy and intelligent way for people to manage their money online. And it’s free. Designed to be effortless for the user, Mint.com money management takes less than five minutes to set up. Users register anonymously using only a valid email address. Mint then does the rest, securely downloading transaction data from more than 3,500 banks, credit unions and credit card providers on a daily basis. Users never need to import or synch data. Mint applies patent-pending technology and proprietary algorithms to categorize transactions, provide a unified view of all account activity; alert users to low balances, bank fees, upcoming bills, and even potentially suspicious account activity; and give users personalized suggestions for significant savings opportunities. Mint’s management team includes experienced executives drawn from the ranks of Charles Schwab & Co., eBay, Expedia, Intuit, PGP and other leaders in the finance, security and software spaces. Investors include top venture capital firms and prominent individuals associated with companies including Blue Nile, Google, Intuit, PassMark Security, PayPal, Yahoo! and others.
* For details on methodology or other survey findings, please contact Amy Jackson at firstname.lastname@example.org.
For more information on Mint.com’s free online personal finance service, please visit www.mint.com.