Budgeting app Copilot is booming now that Mint is dead, leading to $6M Series A

Intuit is winding down budgeting app Mint this week, and that’s become good news for competitor Copilot. Mint’s demise represents both the end of an era and proof that consumers want more from their finance app, founder Andrés Ugarte told a news outlet.

The New York-based CEO started the subscription-based personal finance tracker in January 2020 to offer an alternative to Mint. Today, Copilot has more than 100,000 subscribers with a majority of them coming into the app at least once a day. Others enter the app multiple times a week, with 20% of users being what Ugarte considers “heavy users,” using Copilot between five and 10 times a day.

“That’s good for an app that is not a social network,” Ugarte said.

Other personal finance apps show where you are spending, even in categories that might not be relevant, he said. Copilot analyzes activity, including recurring payments, and displays the five to 10 budget score categories that the user wants so they can see where they are at in terms of spending and saving.

Users also save an average of 5% after starting with the app, Copilot calculates. While that might not seem like a lot, Ugarte notes that for someone making $100,000, for example, that is $5,000 a year. Multiplied by 100,000 users, and the app is putting half a billion back into consumers’ wallets, he said.