Mint.com Acquired by Intuit
We’ve always been a fan of Mint.com. (We wrote about it here and here.)
It’s clever mix of financial guidance and web 2.0 tools for personal financial management reflect our vision of democratizing and easing finances for everyone.
We apparently weren’t the only fans.
According to a press release, Mint.com was acquired by Intuit. Intuit owns products like Quicken, Quickbooks, and TurboTax–so there are some connections.
You can read Mint.com’s version of events at Mint.com Founder and CEO Aaron Patzer’s blog.
There’s no doubt that Mint is a jewel of a purchase for Intuit. As Patzer points out:
“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.”
Here are the pros and cons:
For Mint.com, partnering with Intuit will give them access to more assets to help them accelerate product development.
“I see this as a chance to take a big leap forward toward our ultimate goal of improving the national savings rate,” Patzer said in his post.
I do have some worries. Other similar acquisitions have watered down the entrepreneurial spirit of the startup, while not kicking in the innovative accelerator of the more established company.
The deal is supposed to be finalized by next year. So, we’ll just wish them luck and hope for the best.
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