Mint Raises $14 Million For Its Online Finance Service
Wednesday, August 12, 2009; 7:29 PM
Mint.com, which has quickly established itself as the top online money management site, has raised $14 million in a third round of funding, according to an SEC filing. The round was led by DAG Ventures, which was joined by new investor Founder's Fund, along with existing backers Benchmark Capital, Shasta Ventures, First Round Capital, and Sherpalo. With the new cash, Mint will have raised nearly $32 million since 2006.
The company has been a beneficiary of the recession?as more people turn to tools to track their finances. CEO Aaron Patzer told us in an interview earlier this year that the company was doubling its revenues each quarter and was on track to increase sales by ten-fold this year. The company says so far revenues are up by eight-fold year-over-year. Mint makes money by referring users to financial services, like credit cards and new bank accounts. The company has said it is also considering introducing some sort of paid features, such as an add-on that would let users monitor their credit scores.
The site now has about 1.4 million registered users?a number that Patzer has said could reach 2.5 million by year end, depending on the success of a new tie-in with Yahoo (NSDQ: YHOO) to put a Mint.com gadget on Yahoo's personalized My Yahoo home page.