Deals

That’s a big ‘Check': Intuit boosts its personal finance lineup with $360M acquisition

Image Credit: Check

Intuit has bought its way into a better place in the personal finance business by shelling out $360 million for Check, a startup with popular mobile apps for tracking and paying bills.

Check’s app has racked up 10 million registered users, according to a statement on the acquisition, and now with Intuit’s backing, it stands to keep growing.

The deal comes almost five years after Intuit moved more deeply into personal finance software by buying Mint for around $170 million. Mint had more than 12 million users as of April 2013.

The Check service will continue as is, according to a blog post from Check founder and chief executive Guy Goldstein.

From Goldstein’s vantage point, Check compliments Intuit’s portfolio well.

“Intuit’s personal finance and budgeting solutions provide a picture of where you’re spending your money to help you plan for the future,” he wrote. “Check brings a mobile app that allows consumers to take action with their money and help them accomplish every day financial tasks like paying bills. This combination is very powerful and is what drew us to Intuit.”

Goldstein knows about acquisitions. Before working on Check, he led merger and acquisition strategy for Hewlett-Packard’s business intelligence division.

Check started and launched in 2007. It most recently announced a $24 million round of venture funding in September. By that point, it had raised $49 million to date, with backing from Menlo Ventures, Morgenthaler Ventures, and Pitango Ventures.

In September VentureBeat reported that Check was looking to challenge Mint for staying on top of personal finance. Now the technologies will sit side by side.

The deal should close by July 31.

More information:

Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship produc... read more »

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