Skip to content

Finance App Copilot Seizes Market with 100K Subscribers and Expansive Growth

Personal finance Copilot secured a $6 million Series A funding round led by Nico Wittenborn's Adjacent, known for investing in companies like Revolut and Calm.

Source: Copilot
  • Copilot, led by Andrés Ugarte, sees an opportunity for growth with Mint's shutdown, boasting over 100,000 subscribers and significant user engagement.
  • The app, which helps users track spending and saving, reports that users save an average of 5% annually, translating to significant consumer savings across its user base.
  • Following Mint's closure, Copilot experienced its "biggest day ever" in growth, leading to a $6 million Series A funding round to expand its services.

Intuit is closing down Mint this week, which is great news for Copilot. Founded by Andrés Ugarte in January 2020, Copilot is a subscription-based personal finance tracker with over 100,000 subscribers.

The app is used daily or multiple times a week by most users, with 20% considered heavy users. Ugarte emphasized that Copilot is not a social network but offers valuable insights into spending habits.

Copilot analyzes activity, displays budget score categories chosen by the user, and assists in tracking spending and saving.

On average, users save 5% after using Copilot, which could lead to significant savings, such as $5,000 a year for someone earning $100,000. With 100,000 users, the app is putting half a billion dollars back into consumers' pockets.

Seeing Mint's shutdown as an opportunity, Ugarte and other finance app founders witnessed significant growth in Copilot after the announcement, with Ugarte describing it as their "biggest day ever."

Source: Copilot

The company's growth has been continuous, surpassing the growth of the previous four years. Copilot secured a $6 million Series A funding round led by Nico Wittenborn's Adjacent, known for investing in companies like Revolut and Calm.

TechCrunch documented Copilot's journey from its $250,000 angel funding to the recent $10.5 million in total venture-backed capital.

While the company became profitable in 2023, many customers requested an Android app for sharing. Copilot has always been an iOS app, prompting Ugarte to seek new funding to capitalize on this opportunity.

To meet customer demands, Copilot will hire to develop Android and web features and accelerate AI and product development. Ugarte did not specify a launch date for the new features but aims to have them ready by the end of the year.


Edited by Harshajit Sarmah

Latest