FinTech News
Intuit Closing Down Mint, Shifting Users to Credit Karma
Intuit has announced plans to close down its popular budgeting app Mint.
What’s happening:
In a blog post, Intuit revealed that it would be closing down the Mint platform on January 1st, 2024. With the app’s demise, the company is inviting Mint users to join Credit Karma. Intuit states that it intends to “build on the Mint legacy at Credit Karma and provide even greater value to Minters” and, in an FAQ about the move, it notes that the latter platform will still allow users to view financial accounts all in one place, review transactions, track spending, and more.
Intuit acquired Mint in 2009 at a cost of $170 million. According to Bloomberg, as of 2021, the app had 3.6 million active monthly users. Meanwhile, Intuit purchased Credit Karma for $4.7 billion in 2020. Last year, the Mint team joined the Credit Karma team, paving the way for this latest development. In turn, CK introduced a net worth tool earlier this year.
To move Mint data to Credit Karma, Intuit says that users can log into Credit Karma from the Mint app. Those who aren’t already Credit Karma users can follow prompts to create an account and then have their data synced. The company does warn that those who have been using Mint for a long time may see a slight delay in moving all of their data over, but customers will be notified once everything is complete.
What they’re saying:
In a blog post sharing the news, Intuit writes, “Credit Karma is thrilled to invite all Minters to continue their financial journey on Credit Karma, where they will have access to Credit Karma’s suite of features, products, tools and services, including some of Mint’s most popular features. We know the most active Minters use Mint to monitor their cash flow and track their spending, and not only does Credit Karma offer these capabilities, but we’re able to take things even further for our members.”
My thoughts:
As someone who uses both Mint and Credit Karma, I think this move could make sense and create a great platform. That said, I’m not yet convinced that all of the features of Mint will actually make their way to Credit Karma. For example, while the FAQ does mention spending tracking, it doesn’t mention budgeting tools — which, to me, are the bread and butter for Mint.
With a couple of months to go before Mint’s official closure, I’ll reserve judgment until I see what the updated Credit Karma looks like. Still, it’s hard not to feel as though this will be a big loss for budgeters.
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