MOUNTAIN VIEW, Calif. –One of the earliest and most popular personal finance apps and fintechs embraced by consumers is shutting down with its users being encouraged to shift to another popular platform.
Mint, which is owned by Intuit, is being shuttered and the parent company is urging users of the app to switch to Credit Karma, which is also owned by Intuit.
In a statement, Intuit said it is “reimagining” Mint as part of Credit Karma and that Mint users would be able to transition to Credit Karma.
As CUToday.info has reported, Mint has been one of the top online budgeting tools among consumers, with 3.6 million active users in 2021, according to Bloomberg. The app first debuted in 2007 and become highly popular due to its free online services to create budgets and track their income and spending.
‘Ample Time to Prepare’
Intuit said in its statement that it was “giving Mint users ample time to prepare for this change, before their access to Mint ends.”
Intuit, the owner of widely used financial software applications like TurboTax, bought Mint in 2009 from its founder for $170 million, Bloomberg reported. At the time of the acquisition, Mint, which had been privately held, had 1.5 million users tracking nearly $50 billion in assets and $200 billion in transactions, Bloomberg added.
Credit Karma has more than 130 million users and is designed to help users boost their credit scores and access personalized loan recommendations.
Can Transfer Accounts, But…
According to Intuit, Mint users will be able to transfer their linked financial accounts, historical balances and net worth graph over to Credit Karma, and they will be able to continue to track their spending and net worth and view cash flow over time.
But Credit Karma does not offer a budgeting tool that allows users to set a monthly budget and budgets by category, a favorite feature of Mint users, Bloomberg added.
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