Intuit, a US-based financial software firm, is in talks to acquire Check, a bill-payment company, for more than $350 million, according to Wall Street Journal (WSJ) sources.
Check’s smartphone app is used by more than 10 million people to track and pay bills. It makes money from advertisers who offer credit card or insurance promotions within the app.
A WSJ source says Check expects revenue of more than $20 million this year, up from less than $15 million last year.
Intuit has already made strong inroads into the m-payments space, supplying card readers to Verizon Wireless and AT&T.
Last month, Intuit launched a card reader in the UK that enables small businesses to accept chip-and-PIN payments when the reader is attached to a smartphone.
Check has so far raised around $47 million from venture-capital firms, including Morgenthaler Ventures, Menlo Ventures and Israeli investor Pitango Venture Capital.