Monarch Money Sees User Growth Following Mint's Discontinuation

Published 6 months ago

Intuit’s decision to discontinue its personal finance app Mint in January has paved the way for startups like Monarch Money to welcome an influx of new users.

Monarch Money’s User Surge

Co-founded by Val Agostino, Jon Sutherland, and Ozzie Osman, Monarch Money is a subscription-based money manager app that assists customers in setting financial goals and mapping out a route to reach them. Since Intuit’s announcement, Monarch Money has reportedly seen a doubling of its user numbers. According to Osman, the app’s Google Play store page shows over 10,000 lifetime downloads, though Osman refrained from revealing specific numbers.

Indeed, Osman noted the significant impact of Intuit’s decision, stating that November 1st was “the biggest day in terms of new users since we launched the app” in January 2021.

A Bittersweet Moment

Monarch’s CEO Agostino, who was the first product manager on the original Mint team, called Intuit’s news “bittersweet.” Intuit’s acquisition of Credit Karma in 2020 and the subsequent slowing down of Mint’s development was an observed trend. With Credit Karma’s estimated user base of 130 million U.S. users surpassing Mint’s 3.6 million monthly active users, Agostino expressed his lack of surprise at Intuit’s decision to consolidate on Credit Karma and shut Mint down.

A Response to Mint’s Shortfalls

Agostino had established Monarch with a goal to address what he saw as Mint’s shortcomings. He pointed out that the ad-supported model of a free personal finance app often prioritizes advertisers’ needs over users’, essentially defeating the app’s purpose.

Following Intuit’s announcement, many Mint users took to social media platforms and Reddit, seeking alternatives. In response to user concerns about losing their financial history, Agostino confirmed that Monarch does offer the facility to import Mint data.

Competitors Rejoice

Shawn Adrian, co-founder of spend tracking app Cheddar, also reported a “huge influx of beta signups” in the wake of the news. He commented on how Intuit’s decision reflects Mint’s diminished status as a side project, despite its prominence in the personal finance app market.

The discontinuation of Mint seems to have provided an opportunity for other players in the financial app sector to gain ground. As users seek alternatives, startups like Monarch Money and Cheddar are enjoying a surge in interest and new signups.