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Intuit Buying Payment App Check for $350M

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Intuit Buying Payment App Check for $350M

Intuit

Finance software company Intuit is looking to buy payment service Check Inc. for a little  than $350 million, according to reports.

The negotiations aren't likely to be reached for at least another week, but unnamed sources said that Mountain View, Calif.-based Intuit wanted the bill-payment app to add to its coterie of personal finance software, according to the Wall Street Journal. Palo Alto, Calif.-based Check's app has more than 10 million users and has some of the same features as Mint, a personal finance site bought by Intuit for $170 million in 2009.

Intuit has been on a little bit of a spending spree, previously picking up DocStoc, a document service, tax-return app GoodApril and small-business scheduling service FullSlate earlier this year. Check has been making money -- apparently $20 million this year, up from $15 million last year.

The move for the startup may be a smart one considering both Google, Apple and PayPal are already giants in the market. A startup with only around $47 million in venture capital funds can't take on the dragon's hoard of cash propping up either Apple or Google.

 
 
 
 

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