Success stories: FinTech app ‘Mint’ is a personal money management app with 10 million users
We already mentioned Wealth Management as one of the biggest fintech trends, and here is one of WM best representatives. A fintech startup Mint – your money champion and free personal money management app. Mint grew to 10 million users and sold for $170 million in just 2 years. Also, Mint was chosen as the best-presenting company at TechCrunch40.
RoveTek makes some research on how this fintech product could take off that quickly.
“That was the idea behind mint. Make it dead simple to get your finances in order and to feel in control of your life.” – Aaron Patzer, Mint founder.
From the beginning, the launch strategy differed from other startups. Its founder, Aaron Patzer, thinks that not an idea is the most important but execution.
Aaron Patzer took a different approach:
“Number one is to validate your idea. I actually didn’t write a line of code until I did about three or four months’ worth of thinking on Mint, which I think is counter to what a lot of people will suggest. A lot of people will say ‘Just get the product out there, just iterate very, very quickly, (and) just make a prototype.’ That works for certain types of things; I think anything that is social…that works. But for finance, I wanted to be a little more rigorous and there were a lot of technical problems, connectivity to all of the banks, and the business model.”
Mint app has a very neat and usable design. It uses just a few colors – green, white, black as base colors, and highlights in different graphics. The app brings the opportunity to manage all your personal spendings, savings, investments, and even subscriptions to Netflix. Thanks to this FinTech app, users help save money by continually searching for deals on credit cards, bank accounts, etc.
Competitive Uniqueness and Growth Strategy
Mint stands out from its competitors, and the main reason Mint took off quickly and successfully is great customer research. Before launch, they gathered feedback on competitors’ weaknesses and customers’ expectations. Consequently, Mint improved those features that their competitors have troubles with – easy account set up, categorized expenses, and life planning software features (called ‘gem’).
Mint also focused on content strategy, became #1 in personal finance, and drove good traffic to the app itself.
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