The transaction will value the company at $1.05 billionRead more...
Developers of boxed financial software like Quicken and TurboTax buy Web startupQuicken and TurboTax, be interested in purchasing the web site Mint? Intuit's CEO Brad Smith said in a statement, "With this transaction, Intuit will gain another fast-growing consumer brand and a highly successful software as a service offering that helps people save and make money."
But the two companies have directly competing services. Intuit's Quicken offers very similar services to Mint. Both companies help users organize their finances and track their spending habits online. Although Intuit has acquired Mint, both companies said they would continue to operate independently while adding some of Mint's features to Intuit's own services, according to the NYTimes.
CEO and founder of Mint, Aaron Patzer said, "Joining Intuit enables us to bring our vision of helping consumers understand and do more with their money to millions of Intuit customers."
Mint has about 1.4 million registered users accounting for $200 billion in transactions, a wealth of financial information thus the large valuation for a company which has yet to ssee profit. The company received $31.8 million in VC funding since its inception back in 2006.
The deal is set to close during the fourth quarter of this year and subject to regulatory review.
Support VatorNews by Donating
Read more from our "Trends and news" series
The company saw its revenue more than triple in 2020, as therapy sessions increased 6,000%Read more...
With this funding, the company is now reportedly valued at $1.5 billionRead more...