Check App Gets More Venture Cash to Expand Mobile Bill Pay
Mobile bill pay app developer Check has received $24 million in Series C investment led by Menlo Ventures, a venture capital firm that has previously funded app developers Uber and Tumblr.
The Palo Alto, Calif.-based company will use the funding to expand operations through its biller partnership program and provide additional development resources for its app.
Check is in an excellent position to disrupt an industry with $20 billion in revenue, says Douglas Carlisle, a managing director at Menlo Ventures, in a Sept. 4 press release. Carlisle will also join Checks board of directors.
The app, called Check - Bills & Money, allows consumers to pay their bills from their mobile devices by registering payments and billing accounts. It also provides reminders about upcoming payments and alerts when low funds or credit limits are near.
The company recently partnered with several companies to help market the app. Earlier this year, Check partnered with Alltel Wireless and the Desert Water Agency in Palm Springs, Calif., targeting the utility industry.
In May, the company, which started out as PageOnce, a personal finance management provider, changed its name to Check to signal its focus on payments.
Americans make $4 trillion worth of bill payments per year, and Check is transforming the bill payment industry with a simple, fast and easy-to-use mobile app, Check CEO Guy Goldstein says in the release. We are excited to partner with Menlo Ventures, a firm with a highly experienced team and history of success.
The new funding brings Checks total venture capital investment to $49 million. Existing investors Morgenthaler Ventures and Pitango Ventures also participated in the latest round of funding.