Report: Intuit to buy Mint for $170 million
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.
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About the Author, Kim-Mai Cutler
Kim-Mai was born and raised a stone's throw from Apple headquarters in Cupertino by a devout Hewlett-Packard family. After attending UC Berkeley, Kim-Mai worked for Bloomberg, The Wall Street Journal and Dow Jones Newswires in New York, Los Angeles, London and Buenos Aires. Follow her on Twitter at @kimmaicutler, and follow VentureBeat on Twitter at @venturebeat.
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