Intuit to merge personal financial management subsidiary Mint into Credit Karma
Mint, the personal financial management business of US financial software provider Intuit, will cease to operate as a standalone company from 1 January 2024, and will instead be folded into Intuit’s Credit Karma business.
Mint to be merged into Credit Karma from next year
Intuit first acquired Mint in 2009 for $170 million. It followed this by acquiring Credit Karma, a credit reporting, monitoring and comparison platform, 11 years later for $7.1 billion.
While the two businesses have been operating independently of each other since their respective acquisitions, they have previously collaborated on certain offerings, most recently during the development of Credit Karma’s Net Worth feature, a wealth management tool launched in February.
In a recent blog post, Intuit confirmed that it plans to merge Mint into Credit Karma at the turn of the year, and invited all ‘Minters’ to transition to the latter’s services.
Claiming that “most active Minters use Mint to monitor their cash flow and track their spending”, Intuit affirms that customers who do decide to transition will be able to access the same level of services, with options guided by the use of members’ data.
The move to merge Mint’s “money management product expertise” with the Credit Karma ecosystem will, Intuit says, push Credit Karma into becoming “a full-service financial platform where we take stock of members’ financial profiles, connect the dots for members and identify saving opportunities to act on, at the right time”.
