Check has raised $49 million to date from Pitango and other funds.
US financial software company Intuit Inc. (Nasdaq: INTU) has acquired mobile wallet company Check Inc. for $360 million, "The Wall Street Journal" reports. It quotes a source as saying that the deal was signed on Friday and the two companies plan to announce it later today.
Check was founded in 2007 as Pageonce by CEO Guy Goldstein and CFO Ahikam Kaufman and changed its name last year. The company is headquartered in Palo Alto, California and has its development center in Hod Hasharon. Its business model is based on targeted ads, mainly by financial institutions. It collaborates with institutions to provide m-wallet services, which is why Intuit acquired it.
According to IVC, Check has raised $49 million to date from Pitango Venture Capital, and US funds Menlo Ventures, Hillsven Capital, and Morgenthaler Ventures. The company has 100 employees, and forecasts its revenue to grow to $20 million in 2014 from $15 million in 2013.
Check's smartphone app can be used as an electronic wallet and is used by more than 10 million people to track and pay bills. Unlike bank bill payment services, the free mobile app can be used to pay any bill anytime, anywhere and with any payment method. Giving customers a complete view into their personal finances across multiple providers, the app makes it simple to see balances, view transactions, and make payments on the fly, including same-day payments, from a mobile device. Check - Bills & Money is a free app available in Google Play and the iTunes App Store. The company says that more than 10 million people use its app.
Intuit has acquired 13 companies, mostly in fintech, for hundreds of millions of dollars.