Why is the Mint app shutting down?

Intuit's decision to shut down its popular budgeting app, Mint, by January 2024 despite its success and substantial user base, has sparked discussions about the reasons behind the move. While Intuit suggests the closure is part of a consolidation effort to focus on Credit Karma, another product in its portfolio, the decision has upset Mint's loyal users, particularly because some of Mint's unique features, such as budgeting, are not available in Credit Karma. From a product management perspective, the closure could be attributed to several factors: financial impracticality due to high maintenance costs, weak monetization through ads and referrals, strategic shifts in market focus, or leveraging Mint's user base to bolster other Intuit products. The closure reflects a broader trend of product lifecycle management in tech, where maintaining a successful business sometimes necessitates difficult decisions. This situation highlights the challenges product managers face in balancing user satisfaction with corporate strategy and profitability.