Those of us who were early users of Mint remember the feeling of connecting your accounts and seeing your finances in a way that felt magical. The Mint team ushered in a new era of personal finance that was revered by the entire tech community. As a young tech entrepreneur at the time, I was also inspired by Mint’s large exit to Intuit in 2009, after being live for only 2 years.
Unfortunately, like many companies, we watched Mint slowly lose its magic post acquisition. In fact, it was for this reason that Truebill (now Rocket Money) was born.
When I first became frustrated with an inability to manage my subscriptions, I naturally turned to Mint for the solution. I figured, since Mint had all of my transactions, it would naturally be able to detect what subscriptions I had. And while I wasn’t altogether surprised that Mint never got around to adding that feature, I was disappointed. Disappointed enough in fact to cofound Truebill. Together with my brothers, we built a solution for a growing problem as more companies launched subscription models. It’s fair to say that had Mint offered a subscription management feature back in 2015, Truebill (now Rocket Money) would not exist, as there wouldn’t have been a need for it.
After gaining rapid traction for that initial feature, we realized that consumers still needed a way to visualize their entire financial lives. We went to work and launched the first full-fledged personal finance management (PFM) app since Mint, with a few twists. We made it mobile so you could carry it in your pocket. We decided to not rely on ads, but ask users who found value in our product to pay what they thought was fair. In doing so, we were free to focus exclusively on our members, as opposed to affiliates and other ad partners. In addition, we took PFM a step further by providing services that would actually save our users money. Offerings like subscription cancellation, bill negotiation, and smart savings accounts have saved our members over a billion dollars since inception.
Today, over 5 million people use Rocket Money to save more, spend less, and see everything when it comes to their finances. And we’re just getting started. As Mint’s time comes to an end, we want to thank the entire Mint team for being trailblazers and helping millions gain a better understanding of their money. It’s in that same spirit that I’d like to personally welcome all Mint users to try Rocket Money and see why we (and millions of others) love it so much. I’ll see you there.
CEO & Cofounder, Rocket Money