Mint raises $4.7 million in series a funding

Mint raises $4.7 million in series a funding

US Web 2.0 startup Mint, which provides an online account aggregation and management service, has raised $4.7 million in a series a funding round led by Shasta Ventures.

The funding round included First Round Capital and a group of individual investors, including Ram Shriram, early investor and founding board member of Google.

San Francisco-based Mint provides a free one-stop shop that enables people to manage online accounts held at a number of institutions. Users register anonymously using a valid e-mail address and are connected to online bank, credit union and credit card accounts. Mint then downloads transaction data from financial services firms so that users never need to import or synch data.

Mint applies patent-pending technology and proprietary algorithms to compile and categorise transactions, providing a unified view of all account activity and giving users personalised suggestions for savings opportunities.

Mint says it has signed 50,000 users, organised over $1 billion in user transactions, and identified nearly $40 million in savings opportunities since launching its public beta on September 18. The firm downloads data from more than 3500 banks, credit unions and credit card providers on a daily basis.

The company has also expanded its senior management team with the appointment of Donna Wells as chief marketing officer and Aaron Forth as vice president of product.

Wells was previously vice president of corporate marketing and acting CMO at Intuit and senior vice president of marketing at Expedia. She has also held senior marketing positions at Charles Schwab and American Express during a twenty year career in personal financial services and e-commerce.

Forth was previously director of advertising, product and infrastructure at eBay.

Earlier this year Wesabe, a California-based firm offering a similar service, raised $4 million in its series a funding round.

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