Intuit, the company behind Quicken and other small business accounting software, is reportedly buying online personal finance site Mint for $170 million, according to TechCrunch.
Mint, which has raised more than $31 million in three rounds of financing and pulled in 1.4 million users, gets a nice exit while Intuit gets an innovative upstart and rival to its existing Quicken products. Mint, an online personal finance organizer, syncs all of your bank accounts and gives you analytics to look at your wealth and spending habits.
Mint’s rapid growth pushed Intuit to stop charging for the online version of Quicken last year and forced it to look for alternative revenue models. Mint’s business model works by charging financial services companies to suggest their offerings to users.