Mint.com is a popular online and mobile financial service that tracks spending habits and makes recommendations on ways to save money. The company recently raised $14 million in Series C according to an SEC filing.
The $14 million round of funding was led by DAG Ventures. Other investors include Founder’s Fund, Benchmark Capital, Shasta Ventures, Sherpalo Ventures, and First Round Capital. Mint.com revenues are up 8 times year over year.
Currently Mint.com has about 1.4 million registered users and tracks $175 billion worth of transactions along with $47 billion in assets. Mint.com has helped consumers potentially save about $300 million.
Mint.com will be able to capitalize on the data that is fed from their users’ bank accounts. They can track the spending habits of all the consumers such as how much they spend on real estate and food. Given this information, Mint would be able to generate reports and sell it to financial institutions or even grocery chain headquarters.
Based on these reports, financial institutions or grocery chains could tweak their APR and prices to maximize user consumption.