By Ben Carsley, Managing Editor (@BC_PYMNTS)
Check, a mobile payments app that aims to make it easy for consumers to track and pay bills, has some new funds of its own to manage today, as it’s announcing a $24 million financing round led by Menlo Ventures.
The funding comes as part of a busy year for Check, which surpassed $1 million in mobile bill payments per day in January and rebranded as Check from Pageonce back in May.
Check now claims to have nearly 10 million customers on its platform, and says it processes more than half a billion dollars of payments volume annually.
Guy Goldstein, CEO at Check, told PYMNTS.com that this latest round of funding will be allocated towards two primary focuses: customer acquisition and improving on its mobile product.
According to Goldstein, Check’s solution for billers is a key area for the company. Already in agreement with Alltel Wireless and two water companies, Check is in “mature discussions” with several other billers and plans to focus on this part of its business moving forward.
“We see tremendous need and demand from billers in the U.S. to work with us, and we want to double down and put more emphasis on this market,” Goldstein said.
Check is also planning on using some of its recent funding to “continue to innovate and invest more resources and energy” into its mobile platform. Goldstein said to expect an announcement about Check’s mobile app in the next two-to-three months.
Overall, Check has now raised $49 million from investors, having last received $15 million from Morganthaler Ventures in 2011.
Morganthaler and Pitango Venture Capital also contributed to Check’s Series C as existing investors, but Menlo is the big new name. As part of the investment, Menlo’s Doug Carlisle will join Check’s board, and CompuCom Founder Avery More will join as an independent board member as well.
Goldstein cited Menlo’s previous investment record, which includes names such as Uber, Fab and Credit Sesame, as a sign of Check’s promise.
“The market that we are playing in is really big,” Goldstein told PYMNTS.com. “The revenue of this industry is $20 billion, and we see huge opportunity to disrupt the market.”
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