Mint Sells to Intuit for $170 Million

Mint, a personal finance web 2.0 application, is sold to their main competitor Inuit. The secret sauce for the Mint app was a patent-pending algorithm that matches transactions with a database of 14 million U.S. merchants, the better to automatically categorize and track spending, obviating the need to keep a check register.
They were everything their main competitor, Intuit, was not. While Mint was inventing, Intuit was asleep. People used Quickbooks/Quicken out of habit and legacy. People used Mint because they loved it. A little bit sad i thinK. In europe we also have our own Quickbooks and it’s with that idea or frustration that also Cobalt popped up and evolved to a first productstage.