Mint and Intuit have announced today that Intuit will purchase the free online personal financial management service, Mint.com, for approximately $170 million.
The rumors were first reported by Silicon Alley Insider and the deal was officially announced Monday afternoon after it had been widely leaked. Mint.com’s CEO, Aaron Patzer, confirmed the deal on-stage at Tech Crunch 50, an annual event that highlights new businesses with new technology products. Mint itself was a former participant of a Tech Crunch new business demo conference.
Mint.com has raised $32 million over the course of three rounds of venture capital. The company first launched at the Tech Crunch 50 conference in 2007. Mint’s last round of financing valued the company at $140 million.
Earlier in the year, Mint and Intuit had a clash over advertising claims that Mint.com made about gaining 3,000 new users each day. It had reported that it jumped from 600,000 to 850,000 users in a matter of a few months. Intuit claimed that the user growth that Mint had was an “inconceivable feat”. Tech Crunch acquired the letter and printed it publically.
