San Francisco-based Web 2.0 startup Mint has raised $12 million in a series b funding round led by new investor Benchmark Capital.
Mint provides a free one-stop shop that enables people to track spending and 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 says it has signed more than 160,000 users since launching its public beta in September 2007 and has also enhanced the service by adding budgeting, a social spending comparison tool called SpendSpace and support for investment accounts such as brokerage, mutual fund, IRA and 529 plans.
"In our first six months, we've demonstrated that our free, simple and powerful money management Web service can gain rapid acceptance and deliver real value," says Mint founder and CEO Aaron Patzer. "We're ready to further accelerate our growth and product development."
The series B round included funds from venture firm Benchmark Capital which has also invested in online lending outfit E-Loan and person-to-person loan exchanges Prosper and Zopa.
Mint says all of the investors participating in its series a round last year also invested in this round.
Mint is one of a clutch of start-ups - including Prosper and Zopa - that are using Web 2.0 technology to operate "social banking" services.
Research released earlier this year by Gartner predicts that social banking platforms will grow to control 10% of the worldwide market for retail lending and financial planning by 2010.