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Monarch Money: Joyce Lin
Monarch Money
In today's episode, we're diving into one of the biggest stories of the past year in consumer fintech. Join us as we unravel the strategic masterstroke executed by Joyce Lin and the forward-thinking team at Monarch Money. Picture this: you wake up one morning to the news that your biggest competitor, and the original leader in personal finance, has decided to close its doors for good - not due to lack of traction or cash, but because leadership wanted to focus elsewhere.
That’s not exactly what happened to Joyce, Chief of Staff at Monarch Money, but it’s close. In November 2023, Intuit announced that it was shutting down Mint. The #1 most downloaded personal finance app, which Intuit acquired back in 2009 and reportedly had 3.6 million monthly active users in 2021, would no longer be available in March 2024.
This was a huge boon for the team at Monarch. If you're unfamiliar, Monarch is a personal finance application and budgeting app, very similar to Mint. They bring together everything you need to manage your finances effectively, allowing you to track all of your account balances, transactions, and investments in one place. The company is incredibly mission-driven and has always made a point of meeting its customers where they are. And, from the early days when Val Agostino, Jon Sutherland, and Ozzie Osman first launched Monarch in January 2021, that’s been a fairly unusual channel – Reddit. When rumors of a shutdown started to swirl in Mint subreddits in the Fall of 2023, Joyce and the team had time to devise their strategy and quickly launch into action by the time the low-key announcement was posted on Intuit’s blog in November.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefintechplaybook.substack.com
Takeaways
- Be honest with yourself, understand your strengths and weaknesses, and have a growth mindset.
- Engage with customers and solicit feedback to build a customer-centric product.
- Be present where your customers are, whether it's on social media platforms or in specific communities.
- Support and uplift underrepresented groups in the industry and encourage diversity and inclusion.
- Partner with others, seek support and knowledge sharing, and build strong relationships in your career.
Hosted on Acast. See acast.com/privacy for more information.
View all episodes
By Austin CarrollMonarch Money
In today's episode, we're diving into one of the biggest stories of the past year in consumer fintech. Join us as we unravel the strategic masterstroke executed by Joyce Lin and the forward-thinking team at Monarch Money. Picture this: you wake up one morning to the news that your biggest competitor, and the original leader in personal finance, has decided to close its doors for good - not due to lack of traction or cash, but because leadership wanted to focus elsewhere.
That’s not exactly what happened to Joyce, Chief of Staff at Monarch Money, but it’s close. In November 2023, Intuit announced that it was shutting down Mint. The #1 most downloaded personal finance app, which Intuit acquired back in 2009 and reportedly had 3.6 million monthly active users in 2021, would no longer be available in March 2024.
This was a huge boon for the team at Monarch. If you're unfamiliar, Monarch is a personal finance application and budgeting app, very similar to Mint. They bring together everything you need to manage your finances effectively, allowing you to track all of your account balances, transactions, and investments in one place. The company is incredibly mission-driven and has always made a point of meeting its customers where they are. And, from the early days when Val Agostino, Jon Sutherland, and Ozzie Osman first launched Monarch in January 2021, that’s been a fairly unusual channel – Reddit. When rumors of a shutdown started to swirl in Mint subreddits in the Fall of 2023, Joyce and the team had time to devise their strategy and quickly launch into action by the time the low-key announcement was posted on Intuit’s blog in November.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefintechplaybook.substack.com
Takeaways
- Be honest with yourself, understand your strengths and weaknesses, and have a growth mindset.
- Engage with customers and solicit feedback to build a customer-centric product.
- Be present where your customers are, whether it's on social media platforms or in specific communities.
- Support and uplift underrepresented groups in the industry and encourage diversity and inclusion.
- Partner with others, seek support and knowledge sharing, and build strong relationships in your career.
Hosted on Acast. See acast.com/privacy for more information.