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April 6, 2009

Mint.com Sets Speed Record in Meeting 1 Millionth Milestone

Mint.com Out Paces the Market in 18 Months

Mint.com is a patent-pending technology that identifies and categorizes users purchases whether through bank, credit card brokerage or retirement account. Touted as a free and easy to use online personal finance system, users can create anonymous Mint Accounts to track bank, home loan, credit card and investment accounts.  Plus, Mint.com gives users the ability to reduce debt, securely categorize expenses, automatic weekly summaries with helpful graphs and receive alerts on suspicious activity.

Mint’s proprietary search algorithm that identifies unique savings opportunity based on each user’s profile. Users can see where they are spending and Mint can offer personalized, unbiased recommendations to save money by presenting options from thousands of financial products ranked in order of savings.  And, Mint connects and auto-syncs with more than 7,000 US financial institutions in the US to chart users finances instantly.

After only 18 months of operation, Mint reached the 1 million user mark.  Today, Mint is tracking greater than $15 billion in assets, $50 billion in transactions and has identified over $100 million in savings for its users.

Launched September, 2007, Mint is the fastest growing web-based personal finance service of its kind.  During the first test year, Mint unrolled seven upgrades to help users improve their understanding and management of their personal finances. New features include Account Tracking, Personal Money Management, and Automatic Alerts. According to Mint, the company will continue to introduce new innovations in personal finance for its users.

Founded in September 2006, Mint.com is led by Chief Executive Officer and Founder Aaron Patzer.  Mr. Patzer was previously with Nascentric and IBM.  Donna Wells is Mint’s, Chief Marketing Officer with over 20 years experience in strategic marketing and management with companies such as Expedia, Intiuit, and myCFO.  David Michaels is Mint’s Vice President of Engineering and Aaron Forth is the Vice President of Product.

In total, Mint has acquired over $17 million in venture capital funding. Seed funding was attained from First Capital in the amount of $0.325 Million in 2006.  “Series A” venture capital funding totaling $4.7 Million was raised in 2007 from Angel Investors; Geoff Ralston, Mark Goines, Josh Kopelman, Ron Conway, Rob Hayes, Tod Francis, and Dave McClure. In 2008, Mint raised 12.1 Million in “Series B” venture capital funding from Benchmark Capital, Shasta Ventures, First Round Capital, Sherpalo and Hite Capital.

Located in Mountain View, California, Mint was awarded Best Budgeting site from Kiplinger.com and ranked as one of the 34 most innovated companies internationally by the World Economic Forum in December 2008.  Additionally, Mint.com was listed by Time magazine as one of the Top 50 Websites and received industry recognition from Money, PCWorld, and PC magazine.

Competitors include Wesabe, Geezeo, Buxfer, Shoeboxed, BillShrink, Kublax, Green Sherpa, and Rudder.