| Tue, Jun 09, 2009 |
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Interview: Mint.com CEO Patzer On His Plans To Boost Sales Ten-Fold This Year
In under two years, Mint.com has emerged as the most popular website in online money management, racking up more traffic than competitors like Wesabe and Geezeo. A month ago, CEO Aaron Patzer told Bloomberg News that he expected the company’s revenue to increase by 10-fold this year (Mint won’t disclose how much money it’s actually bringing in). The company also has announced a deal to put a Mint.com app on Yahoo’s customized My Yahoo (NSDQ: YHOO) home pages, which is expected to add significantly to the company’s audience.
All that growth hasn’t been without controversy, though. Patzer told Bloomberg that one way the company hoped to raise sales was by selling anonymous user data, raising eyebrows in the blogosphere. (Right now, Mint makes money when users act on its recommendations. For instance, if they open a new savings account that Mint alerts them to). In a recent interview with paidContent, Patzer talked about why he is so bullish about Mint’s prospects.
Edited excerpts after the jump.
How will revenue increase 10-fold this year?
If you double revenue quarter over quarter, that’s not unachievable ... The financial crisis has been pretty good for us. More people want to manage their money. We’ve seen applications for credit cards ... up 50 percent since January.
So are you planning to sell user data like Bloomberg implied?
It’s a misinterpretation. We would never sell user data. It’s in our terms of use. It’s just a bad idea. What we would do instead is create spending indexes. Just like the government puts out a consumer spending index, Mint has data on a category level, on a local level. (We could license it) as a potential revenue source or a press play. I don’t think there is anything insidious about it.
How big of an impact do you think the My Yahoo deal will have on membership?
If things go well and if we’re selected as a top application, it could add a couple hundred thousand users, maybe more. If this one works well, we might go to (Google’s customized home page) iGoogle (NSDQ: GOOG). This is part of a platform distribution (strategy). Mint is on the iPhone, eventually on RIM (NSDQ: RIMM) and Android and Windows Mobile. This is about getting Mint out to where people are most active and interested in their finances.
What are your projections for membership?
We have 1.2 million or so. We’ll get up to 2, 2.5 million (this year) depending on My Yahoo.
So what sort of additional functionalities are you thinking of adding to the site?
A step-by-step guide to improving your financial life. It launched in beta to 10 percent of users. (It gives you a) score every month ... based on five principles.
We know how much you spend each month. We can tell automatically whether you have three months of savings. We give you credit for all the good financial things you do. You earn points that add up to a score.
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paidContent.org
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Interview: Mint.com CEO Patzer On His Plans To Boost Sales Ten-Fold This Year
In under two years, Mint.com has emerged as the most popular website in online money management, racking up more traffic than competitors like Wesabe and Geezeo. A month ago, CEO Aaron Patzer told Bloomberg News that he expected the company’s revenue to increase by 10-fold this year (Mint won’t disclose how much money it’s actually bringing in). The company also has announced a deal to put a Mint.com app on Yahoo’s customized My Yahoo (NSDQ: YHOO) home pages, which is expected to add significantly to the company’s audience.
All that growth hasn’t been without controversy, though. Patzer told Bloomberg that one way the company hoped to raise sales was by selling anonymous user data, raising eyebrows in the blogosphere. (Right now, Mint makes money when users act on its recommendations. For instance, if they open a new savings account that Mint alerts them to). In a recent interview with paidContent, Patzer talked about why he is so bullish about Mint’s prospects.
Edited excerpts after the jump.
How will revenue increase 10-fold this year?
If you double revenue quarter over quarter, that’s not unachievable ... The financial crisis has been pretty good for us. More people want to manage their money. We’ve seen applications for credit cards ... up 50 percent since January.
So are you planning to sell user data like Bloomberg implied?
It’s a misinterpretation. We would never sell user data. It’s in our terms of use. It’s just a bad idea. What we would do instead is create spending indexes. Just like the government puts out a consumer spending index, Mint has data on a category level, on a local level. (We could license it) as a potential revenue source or a press play. I don’t think there is anything insidious about it.
How big of an impact do you think the My Yahoo deal will have on membership?
If things go well and if we’re selected as a top application, it could add a couple hundred thousand users, maybe more. If this one works well, we might go to (Google’s customized home page) iGoogle (NSDQ: GOOG). This is part of a platform distribution (strategy). Mint is on the iPhone, eventually on RIM (NSDQ: RIMM) and Android and Windows Mobile. This is about getting Mint out to where people are most active and interested in their finances.
What are your projections for membership?
We have 1.2 million or so. We’ll get up to 2, 2.5 million (this year) depending on My Yahoo.
So what sort of additional functionalities are you thinking of adding to the site?
A step-by-step guide to improving your financial life. It launched in beta to 10 percent of users. (It gives you a) score every month ... based on five principles.
We know how much you spend each month. We can tell automatically whether you have three months of savings. We give you credit for all the good financial things you do. You earn points that add up to a score.
-
paidContent.org
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| Wed, Jun 03, 2009 |
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White Label Social Net Lithium Buys Social Media Moderation Firm Keibi
Lithium Technologies, an Emeryville, CA-based provider of white-label social networking tools focused mainly on the enterprise market, has done a small acquisition: it has bought Keibi Technologies, which develops automated content discovery, analysis, and moderation software for social media sites and services. Terms of the deal were not disclosed. Keibi’s technology is being used on AOL-owned Bebo, among others; it was founded in 2006, and raised $5 million in one round of funding from Hunt Ventures and Catamount Ventures in 2007.
Lithium has raised a total of about $21 million in two rounds of funding, but has been around for a long time, since 1999. The technology was originally created as part of online gaming portal Gamers.com. CEO Lyle Fong and his brother Dennis co-founded Gamers.com and its parent, GX Media. Its solution is being used by Best Buy, Sony (NYSE: SNE), AT&T (NYSE: T), RIM (NSDQ: RIMM), Univision, and PayPal, among others. More details in release.
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paidContent.org
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| Tue, Jun 02, 2009 |
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Nokia Hopes To Sell At Least 10 Million N97s
Nokia (NYSE: NOK) has begun shipping its flagship N97 mobile phone in more than 75 countries, the company said today. The phone, which sports a touch screen and Qwerty keyboard, is meant to compete with Apple’s iPhone and RIM’s Blackberry devices, sales of which ate into Nokia’s share of the smartphone market last year. In the UK, the N97 will be sold through 3, Orange, T-Mobile, Vodafone (NYSE: VOD), Carphone Warehouse and Phones4U, all of which have not yet disclosed tariff costs. Nokia stores will sell an unlocked version for £499.
Nokia’s VP for N series handsets told Bloomberg that the N97 “should not be a niche product,” and that its goal was to have similar sales to the N95, which has sold more than 10 million units as of the end of March. According to Gartner, Nokia’s share of the smartphone market fell to 41.2 percent at the end Q1 from 49.4 percent at the end of 2007, while RIM (NSDQ: RIMM) doubled its share to 19.9 percent. Apple’s share has shot to 10.8 percent of all smartphones, from none two years ago. Read more on sister site mocoNews.net.
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paidContent:UK
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White Label Social Net Lithium Buys Social Media Moderation Firm Keibi
Lithium Technologies, an Emeryville, CA-based provider of white-label social networking tools focused mainly on the enterprise market, has done a small acquisition: it has bought Keibi Technologies, which develops automated content discovery, analysis, and moderation software for social media sites and services. Terms of the deal were not disclosed. Keibi’s technology is being used on AOL-owned Bebo, among others; it was founded in 2006, and raised $5 million in one round of funding from Hunt Ventures and Catamount Ventures in 2007.
Lithium has raised a total of about $21 million in two rounds of funding, but has been around for a long time, since 1999. The technology was originally created as part of online gaming portal Gamers.com. CEO Lyle Fong and his brother Dennis co-founded Gamers.com and its parent, GX Media. Its solution is being used by Best Buy, Sony (NYSE: SNE), AT&T (NYSE: T), RIM (NSDQ: RIMM), Univision, and PayPal, among others. More details in release.
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paidContent.org
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