After Intuit announced its plans to discontinue the popular personal finance app Mint in January, several startups have reported an increase in new customers. One such company is Monarch Money, a subscription-based money manager app co-founded by Val Agostino, Jon Sutherland, and Ozzie Osman. Monarch aims to help customers set financial goals and create a path to achieve them. This news comes after Monarch raised $4.8 million in seed funding earlier this year.
Key Takeaway
Monarch Money, a subscription-based money manager app, has experienced a surge in users following Intuit’s decision to shut down the popular personal finance app Mint. Monarch’s CEO, Val Agostino, who was a former product manager for Mint, views Intuit’s move as logical and believes that Monarch addresses the shortcomings of its predecessor. Monarch’s subscription-based model prioritizes user needs, unlike ad-supported apps, and offers the option to import Mint data for a smooth transition.
Monarch’s Growth Since the Announcement
According to Osman, Monarch has experienced a significant surge in users since the news broke, with twice the number of new customers compared to before. While the exact number of downloads is not disclosed, the Monarch app’s Google Play store page indicates over 10,000 lifetime downloads. On November 1st, the app witnessed its highest number of new users since its launch in January 2021. This growth can be attributed to the app becoming available to the public and several noteworthy announcements.
A Bittersweet Moment for Monarch’s CEO
Monarch’s CEO, Val Agostino, referred to this moment as “bittersweet” in a blog post following Intuit’s announcement. The reason behind this sentiment lies in Agostino’s personal connection to Mint. He was the first product manager on the original Mint team and oversaw its development until its acquisition by Intuit in 2010. Agostino also highlighted the subsequent acquisition of Credit Karma by Intuit in 2020, mentioning its estimated user base of 130 million in comparison to Mint’s reported 3.6 million monthly active users in 2021. Agostino believes that Intuit’s decision to consolidate on Credit Karma and discontinue Mint was logical given the circumstances.
Monarch Sets Itself Apart from Mint
When starting Monarch, Agostino’s main goal was to address what he perceived as shortcomings in Mint. He identified the business model as a key issue, noting that a free personal finance app is not a sustainable business due to the high costs associated with financial data aggregation. Agostino emphasized that ad-supported apps prioritize the needs of advertisers over users, effectively defeating the purpose of an app aimed at improving users’ financial lives. Monarch, in contrast, features a subscription-based model, allowing the company to prioritize user needs without the influence of advertisers.
Transferring Data to Monarch
Concerned Mint users have taken to social media platforms, including Reddit and Twitter, in search of alternatives and solutions to preserve their financial data. Monarch offers a solution by allowing users to import Mint data into their app, ensuring a seamless transition while preserving their financial history.
