Intuit is shutting down Mint, a popular personal finance app acquired in 2009 for $170 million; moves users to Credit Karma - TechStartups

Intuit is shutting down Mint, a popular personal finance app acquired in 2009 for $170 million; moves users to Credit Karma – TechStartups

Time Stamp: November 6, 2023 9:23 AM
Source Node: 2368984

Intuit, the financial software company renowned for TurboTax and QuickBooks, is shutting down Mint, a popular personal finance app with 3.6 million active monthly users. Acquired by Intuit in 2009 for $170 million, Mint is scheduled to be shut down on January 1, 2024, marking the end of an era for the 14-year-old startup.

Intuit is recommending Mint users make the switch to Credit Karma, another financial app acquired by the company in 2020, Bloomberg reported. Credit Karma offers similar features to Mint, allowing users to track spending, monitor credit scores, and receive personalized financial advice.

In a statement, Intuit said that Mint’s popular features to track personal spending and income are already offered on Credit Karma, where users are invited “to continue their financial journey.”

The move to shut down Mint is most likely driven by Intuit’s strategy to streamline its financial apps. With a larger user base compared to Mint, Credit Karma is better aligned with Intuit’s suite of products, particularly TurboTax.

Since acquiring Mint over a decade ago, Intuit has struggled to transform it into a profitable venture, despite the app assisting millions of loyal users in managing their finances. The sudden news caught millions of Mint’s users off guard, prompting many to express their disappointment on Reddit.

Meanwhile, to facilitate a smooth transition, Mint users can transfer their data to Credit Karma before the impending closure of the app. Additionally, Intuit plans to continue enhancing Credit Karma by introducing features that were previously exclusive to Mint.

The discontinuation of Mint marks a significant event in the personal finance app market. Recognized as one of the pioneering apps in utilizing technology to manage finances, Mint has been a preferred choice for numerous users throughout the years.

The impact of Mint’s shutdown on the overall market for personal finance apps remains uncertain. However, it’s probable that other companies will persist in creating new and innovative apps to rival Credit Karma.

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