People who have knowledge of the deal say total payments from Mint to Yodlee over the last couple of years are around $2 million/year. So Yodlee made $4ish million off of Mint... The final insult: Yodlee won’t even be able to collect those small fees any longer from Mint. Intuit has it’s own back-end account aggregation service that it will use instead of Yodlee.
Buying mint.com was a hard and critical decision for Mint - they paid $2 million for it in equity during their series A.
Oh, I found the problem - he built a paternalistic tool to help people achieve his ideal of how they should live their lives. Mint meets people where they are and gives them tools to achieve their own goals, not the goals the founders of the company have for them. Looks like the good guys won this one.
You know, the service that doesn't actually provide a free credit report without leading you through some Dark Patterns that deceive you into signing up for a non-free credit report?
His dichotomy of "make the users happy quickly" vs. "help the users" is what ultimately sank him, because adding that second option in there is completely unnecessary.
Everything I've mentioned -- not being dependent on a single source provider, preserving users' privacy, helping users actually make positive change in their financial lives -- all of those things are great, rational reasons to pursue what we pursued. But none of them matter if the product is harder to use, since most people simply won't care enough or get enough benefit from long-term features if a shorter-term alternative is available.
"I don't agree with those who say you should learn from your successes and mostly ignore your failures"
And I concur that nobody says that.
"Brooks: You can learn more from failure than success. In failure you’re forced to find out what part did not work. But in success you can believe everything you did was great, when in fact some parts may not have worked at all. Failure forces you to face reality."
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