Monarch at $100M ARR
Jan-Erik Asplund
TL;DR: After the shutdown of Mint.com in November 2023, Monarch emerged as the consensus Mint.com alternative on Reddit and growth exploded 20x over the next year. Now, Sacra estimates that Monarch has hit $100M ARR, growing 100% YoY in 2025, with the upside to layer on its own native financial products on top of its $99/yr subscription business.
We first interviewed Monarch co-founder & CEO Val Agostino in February 2024 after Intuit (NASDAQ: INTU) announced the shutdown of Mint.com. We decided to follow up on Monarch on hitting the milestone of $100M in annual recurring revenue (ARR).
Key points from Sacra AI:
- Circa 2006, Mint.com brought a free, web 2.0-designed browser-based app to personal finance, making it easy to connect your credit cards & bank accounts to track & budget spending, which users loved before increasingly getting inundated with ads, product referrals & offers—creating the opening for ex-Mint.com product leader Val Agostino to launch Monarch (2018) as an ad-less, subscription-driven personal finance app aligned with users’ financial goals. Not always aligned with users’ financial goals, Mint.com (acquired by Intuit in 2009) sold ads & referred users to credit card companies, mortgage lenders & investment platforms, generating ~$15 average revenue per user (ARPU) versus Monarch’s flat subscription model priced at entry at $99/year.
- When Intuit announced Mint.com’s shutdown in November 2023 and bungled the migration to Credit Karma, Monarch emerged as the consensus Mint.com alternative on Reddit and growth exploded as it grew 20x into the end of 2024 with Sacra estimating that Monarch hit $60M ARR at the end of 2025 and $100M ARR through September 2026, having raised a $75M Series B in May 2025 at an $850M valuation led by Forerunner Ventures & FPV Ventures. Initially presenting a switching cost to move to Monarch, financial connections via aggregators like Plaid, MX and Finicity cost ~$0.30 per user connection monthly—with 5 connections at $0.30/month each eating up 18% of gross margin from a $99/mo subscription—now drive stickiness & retention for Monarch when connected & regularly syncing, plus provide a barrier to competition from free & low ARPU apps.
- Having reached $100M ARR primarily on the back of a single $99/yr subscription SaaS model, Monarch has the upside to expand into subscription management & bill negotiation (see Rocket Money at $390M in 2025 revenue, +31% YoY and $235M in H1 2026 revenue), wealth management & retirement planning (see Betterment at $215M in 2024 revenue, +40% YoY) and banking, deposits & cards (see SoFi at $3.6B in 2025 net revenue, +35% YoY and $2.3B in H1 2026 net revenue). Monarch’s positioning for the mass affluent around subscription & alignment with individual & family financial planning otherwise forecloses it from pursuing the mass-market ads approach of Credit Karma (part of Intuit) at $2.6B in revenue (fiscal year ending July 2026), growing 20% YoY, and the cash advance-centered design of gen Z finance app Cleo at $400M in annualized revenue (May 2026), up 80% YoY in 2025 and last valued at $500M at its June 2022 Series C.
For more, check out this other research from our platform:
- Why Mint.com failed
- Compound, Savvy, and the Mint for the 0.1%
- The future of Plaid's $250M screen scraping business
- Wealthfront, Betterment, and the robo-advisor resurrection
- Tony Xiao, founder and CEO of Venice, on the opportunities in financial data aggregation
- Cleo (dataset)
- Cleo at $150M ARR
- Betterment (dataset)
- Plaid (dataset)
- Plaid at $546M ARR growing 40% YoY
- Hussein Fazal, CEO of Super.com, on the paycheck-to-paycheck super app
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