Personal finance app Monarch raises $75 million despite 'nuclear winter' for fintech startups

Company Overview - Monarch, a personal finance startup, has raised $75 million to enhance subscriber growth following the shutdown of budgeting tool Mint [1] - The company is valued at $850 million after this funding round, which is one of the largest for an American consumer fintech startup this year [1] Product and Market Position - Monarch aims to provide an all-in-one mobile app for tracking spending, investments, and financial goals, filling the gap left by Mint [2] - The personal finance management space has seen limited innovation since the late 90s, with Monarch seeking to modernize how American families manage their finances [3] Subscriber Growth - Following the announcement of Mint's closure, Monarch experienced a 20-fold increase in its subscriber base as users looked for alternatives [3] - Unlike Mint, which was free, Monarch operates on a subscription model, allowing it to avoid reliance on advertising and data sales [4]