Intuit Inc. will be closing down Mint, its personal financial management app it acquired in 2009, starting in 2024. Intuit has stated that it will encourage a shift of these users to the similar Credit Karma, which Intuit acquired in 2020.
Both systems offer similar features for tracking credit scores, spending, and income, and are often ad supported with credit offers based on anonymized user financial data.
“I’ll miss Mint.com – it’s a great app for people getting started in managing their finances,” said Gail Perry, CPA, editor-in-chief of CPA Practice Advisor, and author of Mint.com for Dummies.
When Mint was first acquired, Intuit’s other financial management systems, notably Quicken and QuickBooks, were primarily CD-based systems. Mint allowed Intuit to get a strong foothold in the web-based app genre. But the Mint system failed to gain traction, according to Intuit financial reports, that showed “immaterial” revenue recognition from the division.
“Mint is probably the forgotten product of Intuit,” said Morgan Stanley analyst Keith Weiss, speaking at a conference in March with Intuit CEO Sazan Goodarzi.
The Mint team noted the feature set of Credit Karma will be attractive to Mint users, who have generally had higher credit scores and income ranges.
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Tags: Accounting
