We’ve regularly cited third-party estimates of website traffic to Mint and other PFMs. More often that not, we’ll get a comment or email taking us to task for using such inexact and/or irrelevant data. But we believe that website traffic, even a rough approximation, is a leading indicator of success.
Luckily, we now have better metrics for the two online leaders. In response to what appears to be a truth-in-advertising query from Intuit’s general counsel (see note 1), Mint disclosed its registered-user count (note 2), which has been growing at an average of 17% per month in Q4 2008 and so far in this year.
As of yesterday, Mint had 934,000 users, double third quarter’s end-count. That’s 3,400 new registered users per day (seven days a week), almost 25,000 per week. The company should pass one million before St. Patrick’s day.
While this growth in registered users is impressive, what’s truly astonishing is that 70% of the registered users, 680,000 so far, have entered at least one bank or credit card username/password in order to automatically download transactions into Mint.
In response to Mint’s disclosure, Quicken Online reported its 650,000 registered users, currently growing at a 45,000-per-week clip. If that continues, they’ll pass one million before the April tax deadline.
It looks like there’s quite a battle shaping up between the two leading online personal finance specialists. And don’t overlook the banks. Both Bank of America (2.5 mil as of April 2008) and Wells Fargo (1 mil as of Nov 2008) have more online personal finance users at this point.
What it means: Account aggregation, left for dead a few years ago, is making a fearsome comeback. The three biggest players, Bank of America, Mint, and Quicken Online, now have more than 4 million registered users, approximately 4% of all U.S. banking households (note 3).
Table: Mint Registered Users by Month
Source: Mint, Feb. 2009
*Registered users are anyone who has signed up with email address
** Through Jan 25 (per Mint letter, 28 Jan)
***Through Feb 19 (per TechCrunch post, 19 Feb)
1. Intuit’s letter to Mint here.
2. Mint’s response here.
3. Yodlee provides the aggregation engine for both Bank of America and Mint.
4. For more info, see our Online Banking Report on Account Aggregation and Online Banking Report on Personal Finance Features