Intuit shutting down Mint just three years after acquiring it
Intuit (NASDAQ:INTU) announced that they will be shutting down Mint on Dec 31, 2023 – just three years after acquiring the company.
They plan to shift 4M users to Credit Karma, although it completely lacks the core budgeting function that Mint provides. Understandably, many long-time Mint users were frustrated with Intuit’s announcement.
Mint’s Series A pitch deck (2007)
Here’s a look back at Mint’s origin story and their Series A pitch deck from 2007:
Mint was founded in 2006 by Aaron Patzer, and publicly launched in September 2007. First Round Capital and Intuit founder & CEO, Scott Cook, were among the company’s first investors and advisors:
Since then, the app has tracked nearly $200B in transactions and identified over $300M in potential savings for its 3.6M monthly active users. Most impressively, Mint managed to capture more than 10% of the 31M-person market forecasted in their seed investor deck.
Even more presciently, their 2007 deck predicted Intuit as a potential acquirer. 13 years later, Mint exited to Intuit for $170M (almost exactly half of the TAM figure in the Series A presentation).
Feel free to check out the full Mint Series A pitch deck here.
They plan to shift 4M users to Credit Karma, although it completely lacks the core budgeting function that Mint provides.
Here's a look back at Mint's origin story and their Series A… pic.twitter.com/GeDrnQgrTf
— Pitch Decks (@pitchdecks) November 23, 2023