US financial and tax preparation software development firm Intuit has come to an agreement to acquire Palo Alto based mobile bill pay service Check.
The acquisition will help position Intuit as a provider bill pay services across small businesses and personal users. Check’s primary product is its mobile application which automates and consolidates the bill pay process into a singular place on mobile devices. The application allows its 10 million large user base to monitor bills and accounts, receive notifications when bills are due, and automatically pay pending bills.
Intuit’s services have mainly been personal accounting oriented with programs such as QuickBooks, Quicken, and Mint. These services have given users the ability to view transaction histories and help plan finances for the future.
With the ever growing shift towards mobile payment and banking solutions, Intuit’s acquisition of Check will help provide what end users want, a mobile solution that allows them to take action with their funds and every day financial tasks, such as bill pay and household budgeting.
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“Intuit started when founder Scott Cook wanted a better way to balance the family checkbook. Our commitment to solving important personal finance problems is steadfast. By joining with Check, we continue to address consumer needs and are taking the next step in the evolution of personal finance capabilities,” said Barry Saik, senior vice president and general manager of Intuit’s Consumer Ecosystem Group.
As a result of the acquisition, Intuit plans to integrate Check’s solutions into its own ecosystem. Check in itself will be a part of Intuit’s Consumer Ecosystem Group, with CEO and Co-Founder Guy Goldstein serving as Vice President of the department.
“Mobile is a key driver of bill pay opportunities,” said Goldstein. “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.”
Intuit recently announced its new beta Bitcoin endeavour called “QuickBooks Bitcoin Payments Beta”.