Yesterday, Mint.com announced that they were acquired by Intuit for $170 million. Not too shabby. Intuit is best known for personal finance products such as Quickbooks, Quicken, and TurboTax. They also released Quicken Online last year, which was basically a direct competitor to Mint.com. Both aggregate your spending and income by automatically accessing the data your financial websites, and analyze your habits for you. However, according to their press release, Intuit intends to keep both of the them separate:
Intuit intends to keep both the Mint.com and Quicken Online offerings, with each serving separate and equally important purposes. Mint.com will become the primary online personal finance management service that is offered directly to consumers by Intuit. Quicken Online will connect Quicken customers across desktop, online and mobile to deliver easy, anytime-anywhere access. This will help accelerate Intuit’s ability to create products and services that make managing money easier for all Intuit customers.
One of the benefits of this deal seems to be that concerns about data safety might be alleviated. Millions of people trust Intuit with their tax returns, which are probably some of the most sensitive data out there, so they might be more comfortable with sharing their financial website passwords with Intuit.
On the other hand, the competition between Quicken Online and Mint.com probably inspired some extra features and also made sure that both services remained free. According to WalletPop, there are “no plans” to charge for either of these services for now. Both sites have improved a lot recently, I just hope that continues.