The Rise of a New Money Management App

A new player in the personal finance game is making waves. Monarch, a startup focused on helping people manage their money, has just secured a whopping $75 million in funding. This cash injection is one of the biggest for a consumer finance tech company this year. The funding values the company at $850 million. The money will help Monarch grow its user base quickly. This surge in subscribers happened after a big name in the industry, Mint, shut down early this year. It is important to note that Mint was once the go-to app for tracking spending and investments. But after years of being owned by Intuit, it was finally closed. This left a gap in the market, and Monarch is stepping in to fill it. The app offers a comprehensive tool for tracking spending, investments, and financial goals, all in one place. The founder of Monarch, Val Agostino, has some interesting thoughts on money management. He believes that despite advances in technology, how people handle their money hasn't changed much. Today, people use phones instead of visiting banks, but the basic methods remain the same. Agostino thinks there's a big opportunity to improve this. Monarch was launched in 2018 and has seen a massive increase in users. After Mint's shutdown was announced, Monarch's subscriber base grew by 20 times in just one year. This shows that there's a real demand for good money management tools. Unlike Mint, which was free, Monarch operates on a subscription model. This means the company doesn't rely on ads or selling user data. Instead, it focuses on providing value to its paying subscribers. The funding round for Monarch was led by Forerunner Ventures and FPV Ventures. This investment will help Monarch continue to innovate and expand its services. As more people look for better ways to manage their money, Monarch is positioning itself as a strong contender in the market. It will be interesting to see how this startup continues to grow and evolve. One thing is clear: the world of personal finance is changing, and Monarch is right in the middle of it.