If you have an account on Mint.com then you probably agree with me that it is a great financial management site. When it comes to our personal financial management we sometimes dread crunching the numbers and most of us think it’s pretty boring. What I like about using the financial management system on Mint is that it appeals to a large demographic. It was founded in 2006 by Aaron Patzer, and clearly his objective was to create a money site that simply works, or works simply. For instance, they help set up easy spending budgets and help recent college grads develop a plan for paying off student loans. The interface is very user-friendly, allowing you to track your bank account balances, credit cards, and investments. Your financial snapshot is easily obtained at a glance … if I sat here and mentioned all the great things Mint offers to its users, this would be a very long blog.
Before Mint.com, the most popular financial management site was Quicken by Intuit. Quicken’s money management is similar to a light version of its accounting software, QuickBooks. While they have a good system, I think they have made very few changes to the interface and the feel of the site. There have been improvements since the original launch of the product, but I feel they have stopped thinking outside the box. Mint has been able to attract a large number of users within months and it has been reported that it signed up as many as 3,000 users in one day.
Quicken was launched in 1983 and has been the recognized leader in personal financial software. On September 13, 2009, Intuit acquired Mint.com for $170 million. Smart move considering the advantages Mint offers to Quicken converts. Intuit, in all likelihood, got a great deal by nipping in the bud a potentially threatening competitive force. For a start up that is only three years old, the acquisition between the two companies has generated a large chunk of revenue for Mint’s initial investors. Ka-ching!
In order for Quicken to have competed with Mint, they would have had to significantly change the demographic they market to. Intuit appeals to more professional accounting and financial types vs. Mint’s easy functionalities that appeal to a more on-the-go/“work from anywhere” generation. Quicken will use Mint to power Quicken’s financial management system making it a site that looks very similar to Mint but has the brand colors of Quicken—red and black.
This acquisition is an internet start-up’s dream. In the internet world, start-ups come and go and the next big thing is always around the corner. If you have a brilliant idea that has never been done before, investors will be eager to sign their name on the dotted line. Clearly, Mint.com is a great idea that successfully competed and got the attention and admiration of a company that is a staple in financial management.
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Intuit Acquires Mint
Before Mint.com, the most popular financial management site was Quicken by Intuit. Quicken’s money management is similar to a light version of its accounting software, QuickBooks. While they have a good system, I think they have made very few changes to the interface and the feel of the site. There have been improvements since the original launch of the product, but I feel they have stopped thinking outside the box. Mint has been able to attract a large number of users within months and it has been reported that it signed up as many as 3,000 users in one day.
Quicken was launched in 1983 and has been the recognized leader in personal financial software. On September 13, 2009, Intuit acquired Mint.com for $170 million. Smart move considering the advantages Mint offers to Quicken converts. Intuit, in all likelihood, got a great deal by nipping in the bud a potentially threatening competitive force. For a start up that is only three years old, the acquisition between the two companies has generated a large chunk of revenue for Mint’s initial investors. Ka-ching!
In order for Quicken to have competed with Mint, they would have had to significantly change the demographic they market to. Intuit appeals to more professional accounting and financial types vs. Mint’s easy functionalities that appeal to a more on-the-go/“work from anywhere” generation. Quicken will use Mint to power Quicken’s financial management system making it a site that looks very similar to Mint but has the brand colors of Quicken—red and black.
This acquisition is an internet start-up’s dream. In the internet world, start-ups come and go and the next big thing is always around the corner. If you have a brilliant idea that has never been done before, investors will be eager to sign their name on the dotted line. Clearly, Mint.com is a great idea that successfully competed and got the attention and admiration of a company that is a staple in financial management.
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