Check secures $24 million financing round led by Menlo Ventures
Investment will be used to expand and propel company's leadership in mobile payments
PALO ALTO, Calif. - September 4, 2013 - Check (formerly Pageonce), the award-winning mobile app revolutionizing the way consumers track and pay bills, today announced a $24 million Series C investment led by new investor Menlo Ventures. Existing investors Morgenthaler Ventures and Pitango Venture Capital also participated. Menlo Ventures' Doug Carlisle will join Check's board and Avery More, founder and former CEO of CompuCom, joins as an independent board member.
"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," said Guy Goldstein, CEO, Check. "We are excited to partner with Menlo Ventures, a firm with a highly experienced team and history of success."
Today, Check is processing more than half a billion dollars of payment volume annually. With nearly 10 million customers on its platform, the company has widespread adoption.
"Check is in an excellent position to disrupt an industry with $20 billion in revenues," said Doug Carlisle, Managing Director, Menlo Ventures. "We are excited to be involved in the company's growth."
Unlike bank bill payment services, Check's free mobile app can be used to pay any bill anytime, anywhere and with any payment method. Giving customers a complete view into their personal finances across multiple providers, the top-rated app makes it simple to see balances, view transactions, and make payments on the fly, including same-day payments, from a mobile device.
Launched in 2008, Check is a leading mobile payments company. Its free, top-rated mobile app is used by nearly 10 million customers to pay bills and track personal finances. For more information, visit Check.me.
About Menlo Ventures
Menlo Ventures provides capital for seed through growth technology companies in the consumer and enterprise sectors. For decades, the firm's market-driven research analysis has led to the identification of and successful exits in innovative technology markets. Notable research areas of investment include Mobile (Siri, Uber, TeleNav), Enterprise Storage (3PAR, Spinnaker Networks, Coraid), Communications (Acme Packet, Cavium Networks), and Consumer (Fab, Tumblr, Carbonite, Roku). Founded in 1976, Menlo's portfolio includes 70 public companies and more than 100 mergers and acquisitions. Throughout the firm's history, Menlo's deep network of portfolio entrepreneurs, angels and advisors are a key resource made available to all of our family of investments. Menlo Ventures has $4 billion under management and is currently investing Menlo Ventures XI, a $400 million fund with $20 million allocated to our Menlo Talent Fund for fast seed funding. For more information, visit www.menlovc.com.
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