Mint raises $14m in series c financing round

Mint raises $14m in series c financing round

San Francisco-based online personal finance outfit Mint has raised $14 million in a series c financing round led by Dag Ventures.

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.

Launched in public beta in September 2007, the site now claims over 1.4 million registered users and is tracking over $175 billion in transactions and $47 billion in assets. The firm does not disclose its revenues but says they are eight times up year over year.

In addition to Dag Ventures, the Founder's Fund participated in the round with new financing, alongside existing investors Benchmark Capital, Shasta Ventures, First Round Capital, and Sherpalo. The firm has now raised a total of $31 million.

Mint refused to disclose valuation of the company but says it represents a "significant up round". In addition, the round was "preemptive", meaning it was not initiated because the firm was running out of cash.

The money will be used to hire engineering staff and accelerate product upgrades and new partnership launches for the next six to 12 months.

Aaron Patzer, CEO and founder, Mint, says: "To be approached with funding in this climate is acknowledgement of our progress and potential in helping Americans to save and do more with their money. Now that we have a sampling of about two percent of the nation's online households, we can see some interesting economic trends, and are establishing ourselves as a source of close to real-time insights into the US economy."

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