Topics
Latest
AI
Amazon
Image Credits:Credit Karma
Apps
Biotech & Health
Climate
Image Credits:Credit Karma
Cloud Computing
Commerce
Crypto
enterprisingness
EVs
Fintech
fund-raise
Gadgets
back
Government & Policy
Hardware
layoff
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
societal
blank space
Startups
TikTok
Transportation
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
newssheet
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Now that Intuit isdiscontinuingits personal finance app Mint in January , some startup say they are already seeing a protuberance in new customers .
One of these isMonarch Money , a subscription - base money managing director app co - founded by Val Agostino , Jon Sutherland and Ozzie Osman , with the goal of helping customer create fiscal goals and a route to achieve them . My colleague Mary Ann Azevedo report on the troupe in 2021 when Monarchraised $ 4.8 millionin source funding .
Osman say via e-mail that “ since the news program broke we ’re get twice the number of users and it ’s all coming from this . ” The app’sGoogle child’s play store pageshows over 10,000 downloads lifetime , however Osman declined to get more specific on the exact act .
He did react that Nov. 1 “ was our biggest Clarence Day in terms of raw drug user since we launched the app ” in January 2021 . That include the time when it moved from waitlist to public and observe miscellaneous announcements .
Mint ’s first PM raises meg for Monarch , an Accel - backed money management platform
In a blog postfollowing Intuit ’s word , Monarch ’s CEO Agostino called the minute “ bittersweet . ” That ’s because there ’s some history there : Agostino was the first Cartesian product managing director on the original team that construct Mint . He headed up the production team through theacquisition by Intuitthat close in 2010 .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
ThenIntuit buy Credit Karmain 2020 . Agostino noted in his web log that Credit Karma “ has an estimated drug user base of 130 million U.S. user , ” larger than Mint ’s 3.6 million monthly alive users reported in 2021,according to Bloomberg . At the time of Credit Karma ’s leverage , my confrere Ingrid Lunden noted that when Credit Karmalaunched its financial planning tool in 2013 , it drew a direct comparison to Mint .
“ When we start Monarch , my goal was to ‘ fix ’ many of the things I felt were broken at Mint , ” Agostino told TechCrunch via electronic mail . “ The biggest was the business model . A free personal finance app is simply not a viable business concern due to the mellow toll required for fiscal datum assembling . Moreover , users sign up for these apps with the hopes of improving their fiscal life . When an app is ad - abide , the needs of the adman are prioritized over the motivation of the users , at long last defeating the whole design . ”
Meanwhile , when Intuit distinguish client earlier this hebdomad that Mint would be contain into Credit Karma , customers took toRedditand social media to reflect what they will do rather and ask for recommendation for other apps .
Jess Mannoresponded to Intuit ’s tweetwith “ ok but can I remove my information from mint ? I do n’t wanna recede track of all my progress . ”
Agostino say TechCrunch that Monarch does provide the ability to spell Mint data so that users can try out Monarch and still “ preserve their fiscal history . ”
And Shawn Adrian , Centennial State - beginner of spend tracking app Cheddar , tweetedthat he had previously influence at a personal finance startup calledWesabein 2008 , and that “ it was in reality hard to compete with Mint . ” TechCrunchspoke to Wesabe ’s co - laminitis Marc Hedlundabout that very topic in 2010 .
Adrian said via direct message that “ Intuit must be perfectly banking cash to view our largest competitor , Mint , as a languishing side project . That read , we ’ve seen a vast influx of beta signups since the news , so I for one am thrilled . ”
A decade of fintech failures : 4 founding that did n’t dwell up to the hoopla
