Personal finance app Monarch experiences significant user growth after Intuit's announcement to discontinue Mint.

With Intuit discontinuing its personal finance app Mint in January, several startups have reported a surge in new customers. Among them is Monarch Money, a subscription-based money manager app co-founded by Val Agostino, Jon Sutherland, and Ozzie Osman.

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A Brief History of Monarch

Monarch Money has been making waves since its launch in January 2021. The company raised $4.8 million in seed funding, which garnered attention from the fintech community. In an email interview, Osman shared that since the news about Mint’s discontinuation broke, they’ve seen a significant increase in new users. "We’re getting twice the number of users, and it’s all coming from this," he said.

Google Play Store Performance

According to Monarch’s Google Play store page, the app has achieved over 10,000 downloads lifetime. However, Osman declined to provide more specific numbers on their current user base. He did mention that November 1 was their biggest day in terms of new users since they launched the app.

A Bittersweet Moment for Agostino

Monarch’s CEO, Val Agostino, penned a blog post following Intuit’s announcement about Mint’s discontinuation. The moment was "bittersweet" for him, as he has a personal connection to the app. As the first product manager on the original team that built Mint, Agostino headed up the product team through Intuit’s acquisition in 2010.

A Look Back at Mint’s History

Mint’s development seemed to slow down after Credit Karma was acquired by Intuit in 2020. According to a report by Fast Company, this consolidation move led to a decrease in innovation for Mint. Agostino noted that with Credit Karma having an estimated user base of 130 million U.S. users (larger than Mint’s 3.6 million monthly active users reported in 2021), it didn’t make sense for Intuit to continue investing in both platforms.

Monarch’s Business Model

When Monarch was founded, Agostino aimed to "fix" several issues he felt were broken at Mint. The biggest challenge was the business model. As Agostino explained, a free personal finance app is not viable due to high costs for financial data aggregation. Moreover, users sign up with hopes of improving their financial lives but are ultimately prioritized over the needs of advertisers when an app is ad-supported.

The Impact on Users

When Intuit told customers that Mint would be incorporated into Credit Karma, users took to Reddit and social media to ponder what they would do instead. Some asked for recommendations for other apps. Jessy Irwin, a financial expert, shared her own experience with the discontinuation of Mint: "I’ve used Mint since 2009 and have always been impressed by its ease of use and accuracy."

A New Era for Fintech

The fintech industry is witnessing significant changes as companies adapt to shifting user needs. With Monarch Money at the forefront, it’s clear that innovative approaches will be crucial in this era.

Key Takeaways

Monarch Money is gaining traction: Since Mint’s discontinuation, Monarch has seen a surge in new users.
A bittersweet moment for Agostino: As the first product manager on the original team that built Mint, he now leads Monarch.
Mint’s history and legacy: The app was acquired by Intuit in 2010 and has since undergone significant changes.