The acquisition makes for a nice exit for the online finance startup's investors
Written by IT News on 7:33 PM
Founded in 2007, Mint offers free online tools for financial management. It allows users to link their bank account and mint over viewing a simple manner of its expenditure. It also analyzes the data and offers ways to cut down on multiple charges. It claims to have ways for users to save a collective 300 million U.S. dollars so far been found. It generates revenue by providing other financial institutions. You can also use the information he collected to provide insight on what and how consumers are spending a number of industries.
It has taken close to 32 million dollars in funding in three rounds, most recently in last month, when it totaled 14 million U.S. dollars from a number of existing and new investors. The latest round gives the company reported a value of 140 million U.S. dollars. The site has about 1.4 million users and processes transactions worth 175 billion dollars and assets worth 47 billion dollars.
Intuit develops several software products for personal use and small businesses. It also offers a competing product, Quicken, and had to stop the rates for the online version of last year, with increasing competition from the Mint. On the other hand, growth has stagnated in recent times and looks at the rising star in their own economy to help.
The two companies have somewhat of a turbulent history after Intuit had some veiled accusations that the excessive growth and the number of users did. Mint argued he added 3000 new users per day and grew from 600,000 to 850,000 users in a few months. Intuit said later, just wanted to know exactly how this growth begins to measure what and who counts as a user.
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