The news (or rather, rumor) first appeared on The Business Insider last night (Sept. 13th) around 9:00 pm. Would Mint.com really sell the company to Intuit (makers of Quicken, TurboTax, and more) for a chunk of change somewhere in the ballpark of $170 million? Yes, they would.
Aaron Patzer, founder and CEO of Mint.com, officially announced this morning that they’ve signed a definitive agreement to sell Mint.com to Intuit for “about $170m.” Having only been in existence for 3 years, this is quite the success story for Mint.com. With it’s great technology and the 1.5 millions users that Mint brings to the table, it makes perfect sense for Intuit. But what does this mean for all the faithful Mint users?
What Does This Mean for Mint Users?
The comments on the various news websites quickly started pouring in once the news hit. Naturally, most of these comments focused on what this means for the future of Mint and it’s users. The vast majority of these comments raised concern that Intuit would slowly but surely kill everything good about Mint.
Will Intuit cripple a free version of Mint and charge for any worthwhile features? Will it take the non-intrusive “ways to save” and turn them into annoying and unavoidable advertisements? Will it just shut Mint down?
While many are already counting down the days to Mint’s demise, I’m actually quite hopeful. Maybe I’m an optimist, but I’m encouraged by a couple of things:
1. Mint.com will stick around – According to Mint.com: “Intuit intends to keep both the Mint.com and Quicken Online offerings… Mint.com will become the primary online personal finance management service that is offered directly to consumers by Intuit.”
2. Aaron Patzer will become the General Manager of Intuit’s Personal Finance Group – “Patzer will be responsible for online, desktop and mobile consumer personal finance offerings.” Having the founder and CEO on board at Intuit is certainly a good sign. No entrepreneur wants to see his brainchild get destroyed and I’m sure Patzer will do his best to keep Mint.com the great personal finance tool that is.
3. Mint.com now has more resources – In part of the official announcement, Patzer said, “by joining Intuit, we can accelerate our ability to add more fantastic new product functionality into both Quicken and Mint.com.” With more resources available, we can hope to see newer and better features released more quickly.
4. Mint.com to remain free – At least that’s what we’re told. Aaron Patzer says to “expect Mint.com to remain free!”
In reality, only time will tell what the future of Mint.com holds after the acquisition is completed later this calendar year. Mint.com has made some great improvements lately (see the full Mint.com review for an update on all of its new features), and we’ll keep our fingers crossed that it will continue to do so.