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Check’s New Mate: Intuit Acquires Billpay Innovator for $360 Million

Thumbnail image for Check_Logo_new_large.jpg

It’s a little early for a June wedding. But as the saying goes, what fintech synergies bring together, let no man put asunder.

Intuit, a global fintech leader with a demonstrated affection for Finovate alums, has announced its acquisition of billpay innovator, Check. The Palo Alto-based startup formerly known as Pageonce has grown from its humble origins as a way for consumers to track their expenses to what is now a fully-grown digital wallet combining billpay, PFM, and mobile.

And a potentially critical component of Intuit’s consumer-facing personal finance initiative, as well. Intuit purchased fellow Finovate alum, Mint, in 2009, and it is believed that bringing Check’s technology into the mix will enhance the company’s ability to provide a more comprehensive PFM/billpay solution.

The acquisition is expected to close this summer. Check CEO Guy Goldstein will stay on as vice president for Intuit’s consumer ecosystem group.
Investors seem content with the news. Shares of Intuit were inline with the performance of the broader market on Tuesday. And the reported purchase price of $360 million is not likely to put much of a financial strain on Intuit and its $23 billion market capitalization.
In a statement, Guy said: 
“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.”
Check was founded in June 2007 as Pageonce. The company demoed as Pageonce at FinovateFall 2010 in New York, and changed its name to Check in May 2013.
For some interesting insights on Check’s business model, take a look at Jim Bruene’s April 2014 NetBanker column, “Billpay: After 20 Years as a Loss Leader, Check/Pageonce Shows Path to Profitability.”