SAN FRANCISCO, Oct. 16 /PRNewswire/ -- Mint (http://www.mint.com), the
fresh, easy and intelligent way for people to manage their money online,
today announced that the company closed $4.7 million in Series A financing
in a round led by Shasta Ventures, and including First Round Capital and a
group of prominent individuals, including Ram Shriram, early investor and
founding board member of Google, Inc. Since announcing its public beta on
September 18, 2007, Mint has:
-- Signed 50,000 users,
-- Organized over $1 billion in user transactions,
-- Identified nearly $40 million in savings opportunities.
Mint also announced that it has added two senior executives to the
company's management team. Donna Wells joined as chief marketing officer.
Ms. Wells was previously vice president of corporate marketing and acting
CMO at Intuit and senior vice president of marketing at Expedia. Ms. Wells
has also held senior marketing positions at Charles Schwab & Co. and
American Express during a twenty year career in personal financial services
and ecommerce. Aaron Forth was named vice president of product. He was
previously director of advertising, product and infrastructure at eBay. Mr.
Forth brings ten years' of success in software product development and
implementation to the Mint leadership team.
Ms. Wells and Mr. Forth join Anton Commissaris, vice president of
business development and David K. Michaels, vice president of engineering,
who joined the company earlier this year. Mr. Commissaris has over fifteen
years' experience in the software and Internet sectors and as an attorney
at Wilson Sonsini Goodrich & Rosati. Mr. Michaels has over ten years'
experience building secure, distributed, fault-tolerant systems, most
recently leading the development of server products for PGP.
"Mint.com's mission is to provide people with an effective way to
manage their money that's so easy, they'll actually use it. And it's free,"
said Aaron Patzer, founder and chief executive officer, Mint. "Our strong
consumer acceptance, TechCrunch and Finovate awards and the caliber of
investors and management team the company has been able to attract are
encouraging signals that the market is ready for the Mint alternative."
The market potential for Mint is strong. Over 65 million people in the
U.S. use online banking to keep track of their finances today. But since
the average American has more than four bank relationships, it's virtually
impossible for them to get to a complete view of account balances and
spending. Others purchase and try desktop software packages, but struggle
with the lengthy setup process and hours of tedious data entry that they
require. Mint's refreshing value proposition provides a clear,
comprehensive and always-current picture of all of a user's spending,
effortlessly. And it offers intelligent, personalized suggestions to save
and earn more money, as well.
"Mint provides an easier and more valuable solution to a problem
millions of Americans struggle with today, and we're very pleased with its
reception in the market," said Tod Francis, Managing Director of Shasta
Ventures. "Between the market need, the strength of Mint's technology and
the caliber of the management team, we think the company has great
Shasta Ventures led Mint's Series A funding round, which closed in
April, 2007. Its accomplished partners, drawn from NEA, Battery Ventures
and Trinity Ventures have been early investors in numerous successful
online consumer services businesses, including: Blue Nile, Baby Center and
NextCard. First Round Capital, a prominent investor in early stage
companies, also participated in the Series A financing, increasing their
ownership percentage from their initial seed round investment in 2006. Ram
Shriram was named #4 Top Tech Dealmaker by Forbes in 2007.
Mint.com is designed to make managing personal finances virtually
effortless for the user -- and it's free. It takes less than five minutes
to get started; users register anonymously using only a valid email
address, and then securely connect to their online bank, credit union and
credit card accounts. Mint does the rest; users never need to import or
synch any data. Mint securely downloads transaction data from more than
3,500 banks, credit unions and credit card providers on a daily basis. It
applies patent-pending technology and proprietary algorithms to compile and
categorize transactions, providing users with a unified view of all account
activity with high degree of accuracy and detail in a single,
An advanced alerting system proactively lets users know about unusual
activity, low balances, bank fees and charges, and upcoming bills. Beyond
showing users where their money goes, Mint also provides specific,
individualized suggestions that can save them real money -- the average
beta user was shown $1,000 in potential savings during their first session.
Safety and Security
Mint provides the same level of online data security as top US banks
through a partnership with Yodlee, the leading provider of online banking
services to major financial institutions for nearly ten years. Mint's
privacy and security policies and systems have been certified by TRUSTe and
VeriSign. Mint never asks for a personal identity, requiring only a valid
About Mint (http://www.mint.com)
Mint.com is the fresh, easy and intelligent way for people to manage
their money online. And it's free. Designed to be virtually effortless for
the user, Mint.com takes less than five minutes to get started. Users
register anonymously using only a valid email address and Mint does the
rest, securely downloading transaction data from more than 3,500 banks,
credit unions and credit card providers on a daily basis. Users never need
to import or synch data. Mint applies patent-pending technology and
proprietary algorithms to compile and categorize transactions, providing a
unified view of all account activity; alerting users to unusual activity,
low balances, bank fees and charges and upcoming bills; and giving users
personalized suggestions for significant savings opportunities.
Mint's management team includes experienced executives drawn from the
ranks of Charles Schwab & Co., eBay, Expedia, Intuit, PGP and other leaders
in the finance, security and software spaces. Investors include top venture
capital firms and prominent individuals associated with companies including
Blue Nile, Google, Intuit, PassMark Security, PayPal, Yahoo! and others.
For more information, please visit http://www.mint.com.
About Shasta Ventures (http://www.shastaventures.com)
Shasta Ventures is a venture capital firm focused on helping build
technology enabled companies that offer unique products and services to
their customers. Shasta Ventures is located in Menlo Park, CA and manages
over $200 million. Tod Francis, Managing Director, serves on Mint's Board
of Directors. Mr. Francis has over 20 years' experience with consumer
companies and has invested previously in many successful consumer internet
businesses, including: Blue Nile, BabyCenter, WeddingChannel, LoopNet and
About First Round Capital (http://firstroundcapital.com)
First Round Capital is a prominent investor in early stage companies,
including: Aggregate Knowledge, Jingle Networks (1-800-FREE411), Krugle,
Riya, StumbleUpon, and VideoEgg. First Round Capital has offices in
Philadelphia and San Francisco. Rob Hayes, Partner, serves on Mint's Board
of Directors and Josh Kopelman, Managing Partner, serves as Board Advisor.
About Yodlee (http://www.yodlee.com)
Yodlee's proven consumer banking, payments solutions, wealth management
and risk management applications unify personal financial account
information to deliver a simple, centralized and secure way for consumers
to manage all of their financial tasks -- any time, anywhere. More than 100
financial institutions and portals, including AOL, Bank of America,
Fidelity, JPMorgan Chase, Merrill Lynch, and MSN, offer Yodlee- powered
solutions to millions of customers worldwide. Yodlee operates in the United
States and Europe and is headquartered in Redwood City, California.