Monarch Money Sees Surge in New Customers Following Mint’s Discontinuation
As the news of Intuit discontinuing its personal finance app Mint spread, some startups began to experience a significant increase in new customers. One such startup is Monarch Money, a subscription-based money manager app co-founded by Val Agostino, Jon Sutherland, and Ozzie Osman. Their goal is to help users create financial goals and develop a path to achieve them.
Monarch raised $4.8 million in seed funding in 2021, which was reported on by my colleague Mary Ann Azevedo at the time. Since the news of Mint’s discontinuation broke, Monarch has seen a significant surge in new customers. According to Osman, they are receiving twice the number of users as before, and all of these new customers are coming from this particular event.
The app’s Google Play store page shows over 10,000 downloads lifetime, but Osman declined to provide more specific numbers regarding their current user count. However, he did mention that November 1st was their biggest day in terms of new users since the app launched in January 2021. This includes both the time when it moved from a waitlist to public and following various announcements.
Monarch’s CEO Agostino Reflects on Mint’s Discontinuation
In a blog post following Intuit’s announcement, Monarch’s CEO Val Agostino referred to the moment as "bittersweet." As it turns out, there is some history between Agostino and Mint. He was the first product manager on the original team that built Mint and headed up the product team through its acquisition by Intuit in 2010.
At the time of Credit Karma’s purchase in 2020, my colleague Ingrid Lunden noted that when Credit Karma launched its financial planning tool in 2013, it drew a direct comparison to Mint. Following the Credit Karma acquisition, Fast Company reported that Mint’s development seemed to slow down. Agostino made a similar observation in his blog post, stating that "if you’re Intuit, it doesn’t make sense to keep investing in both of these consumer platforms, so I’m not surprised they’re shutting Mint down and consolidating on Credit Karma."
The Business Model and User Experience
When Agostino started Monarch, his goal was to "fix" many of the things he felt were broken at Mint. One of the main issues he identified was the business model. A free personal finance app is not a viable business due to the high costs required for financial data aggregation. Moreover, users sign up for these apps with the hopes of improving their financial life. When an app is ad-supported, the needs of the advertisers are prioritized over the needs of the users, ultimately defeating the purpose.
Monarch provides a subscription-based model that allows users to access more features and tools. Agostino believes this approach will provide a better user experience compared to Mint’s ad-supported model.
Competing with Mint
As the news of Mint’s discontinuation spreads, Monarch is positioning itself as an alternative for users who are looking for a reliable personal finance app. With its subscription-based model and focus on providing a better user experience, Monarch is well-positioned to compete in this market.
However, it remains to be seen whether Monarch can maintain the momentum they have gained following Mint’s discontinuation. As the fintech industry continues to evolve, it will be interesting to see how Monarch adapts and grows in the coming months.
Monarch Money: A Growing Competitor
In conclusion, Monarch Money has emerged as a growing competitor in the personal finance app market following the discontinuation of Mint. With its subscription-based model and focus on providing a better user experience, Monarch is well-positioned to attract users who are looking for an alternative to Mint.
As the fintech industry continues to evolve, it will be interesting to see how Monarch adapts and grows in the coming months. One thing is certain: with their growing customer base and innovative approach, Monarch Money is definitely a company to watch in this market.
Related News
- Fintech Companies Hiring in 2025: Despite a turbulent year, some fintech companies are still hiring. Read more about these companies and their job openings.
- Thomson Reuters Acquires SafeSend for $600M: Thomson Reuters has acquired tax automation company SafeSend for $600 million. Learn more about this acquisition and its implications for the fintech industry.
- Robinhood’s Aggressive Plans for 2025: Robinhood, already a "comeback" stock, has even more aggressive plans for 2025. Read more about their plans and what they mean for the fintech industry.
Newsletter Subscription
Stay up-to-date with the latest news in the fintech industry by subscribing to our newsletters. Choose from a variety of topics, including:
- TechCrunch Daily News: Get the best of TechCrunch’s coverage every weekday and Sunday.
- TechCrunch AI: Stay informed about the latest advancements in artificial intelligence.
- TechCrunch Space: Explore the latest advances in aerospace with our weekly newsletter.
Subscribe now and stay ahead of the curve in the fintech industry.