Marc Hedlund, founder of personal financial site Wesabe, has a candid and interesting read on Why Wasabe Lost to Mint. There were many rumors running around as to why it failed over Mint which he wanted to address.
The best conversation on the topic is happening over at Hacker News, but I thought I would throw in my personal opinion as I was a early user of Wesabe and was sad when they shut down.
When Wesabe launched it was perfect timing for me as I couldn’t stand the available personal finance software such as Quicken. I signed up and started using the service right away. I recommended it to everyone I knew. The mental hurdle of providing one’s personal financial data online was an issue, but I was able to convince some people.
Then Mint launched. Others started to tell me about it and that I should sign up. In return, I would show them Wesabe as a better option, but there was something about it they did not get. Plus they felt it looked amateurish and untrustworthy.
It has been awhile, but from what I remember about Wesabe, it was less focused on a replacing existing software, software people understood, and more focused on new ideas. Ideas I think people were not ready for.