Intuit Inc. is closing down its personal finance application Mint and migrating users to Credit Karma, reflecting its focus on streamlining its financial services. This transition, announced on Halloween 2023, will take full effect by January 1, 2024.
"We are reimagining Mint as part of Intuit Credit Karma, expanding our collective capabilities to deliver upon our mission of championing financial progress for all," the company said in a Mint Life blog post.
Users are encouraged to transfer their financial data and adapt to Credit Karma's platform, which promises to integrate Mint's most cherished features. The decision marks the end of Mint's standalone service, which has been helping millions manage their finances since 2006.
Intuit's Acquisition Timeline
Intuit bought Mint in 2009 for $170 million. At the time, Mint.com was a rapidly growing online personal finance service. The acquisition was not just a financial transaction but a strategic move to redefine personal finance with innovative, easy-to-use services that help consumers save and do more with their money.
The acquisition was supposed to allow Mint.com to leverage Intuit's resources, accelerating product development and growth. Mint's technology was expected to be integrated into Intuit's products.
Aaron Patzer, Mint.com's former CEO, took the helm of Intuit's personal finance group, overseeing Mint.com and all Quicken online, desktop, and mobile offerings. The goal was to build on the assets of both Mint.com and Quicken, driving innovation in Intuit's personal finance business.
Unfortunately, something happened with Mint under the Intuit umbrella. Patzer left in 2013.
In 2020, Intuit made another significant move by acquiring Credit Karma for approximately $7.1 billion, a deal that included $3.4 billion in cash and 13.3 million shares of Intuit stock and equity awards.
Credit Karma, a platform with over 110 million members in the U.S., Canada, and the U.K., was seen as a complementary addition to Intuit's portfolio —except perhaps for Mint.