Financial services giant Intuit is paying $360 million to beef up its mobile bill pay offerings with the acquisition of Check. The deal follows Intuit's recent purchases of inventory app maker Lettuce and bookkeeping startup Invitco.
The Palo Alto, California-based Check is best known for its mobile app that automates and consolidates the bill pay process for both consumers and small businesses.
Intuit plans to use Check's platform to round out the mobile financial services already offered with Quicken and Mint. While the two mobile and Web-based platforms allow users to review, organize and plan financial transactions, they largely lacked the capacity to address active financial needs such as bill payment.
Intuit said Check boosts its consumer payments capabilities and its ability to offer bill pay across its small business and personal finance products.
The transaction is expected to close in the fourth fiscal quarter of 2014, after which Check will join Intuit’s Consumer Ecosystem Group. Check’s CEO and co-founder Guy Goldstein will stay on as vice president.
Goldstein said in prepared remarks:
Mobile is a key driver of bill pay opportunities. We look forward to merging our talent, mobile mindset and spirit of innovation with Intuit to build products that delight consumers and become a part of their everyday financial lives.