Mint snapped up by rival for $170 million

Only two years after its September
2007 launch, online US consumer finance management tool Mint.com
has been snapped up by rival Intuit in a deal worth $170
million.

Mint, which offers a free, one-stop-shop
service tracking spending and online account management, which it
then aggregates and analyses to give consumers ways to save money,
has enjoyed spectacular growth. It now tracks nearly $200 billion
in annual transactions from almost 1.5 million registered
users.

California-based Mint will now become part of
Intuit’s consumer business unit, which includes its flagship
Quicken and TurboTax products. Intuit plans to grow its consumer
unit internationally, with a roll-out of mobile applications
identified as a second avenue for growth.

It has recently launched seven mobile
applications with 17 more in the pipeline.

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