Shalom Life | July 01, 2014

Startup Club: Check

The Israeli online payment company is being acquired by Intuit Inc. for $360 million

By: Caitlin Marceau

Published: June 5th, 2014 in Business » World

Over the past few decades, a growing number of small businesses involved in various industries have popped up around the world meeting the needs of an ever-growing, ever-changing market.

Jewish businessmen and innovators continue to excel throughout these industries, displaying their prowess as creative, forward-thinking entrepreneurs, and tapping into continuously developing markets with ‘startup’ companies.

In a bid to recognize these decorated entrepreneurs for their ongoing contributions and advancements to these fields, Shalom Life is pleased to present: Startup Club, highlighting the best and the brightest of Jewish entrepreneurs who continue to provide our community with new, influential and innovative ideas that will forever change the way we interact with the world, and with one another.

Follow our lead and we’ll follow yours – send us tips or suggestions via email, comment below or tweet us @ShalomLife, in our mission to celebrate the most visionary of Jewish entrepreneurs.

Check out last week’s inductee into the Club here.

Business: Check

Base of Operations: Palo Alto, California

Entrepreneur: Guy Goldstein and Ahikam Kaufman

Industry: Online Bill Payment

Founded: 2007

Guy Goldstein and Ahikam Kaufman, founders of Check (originally Pageonce), were tired of how online bill payments were being handled. A million different accounts, passwords, and transactions made keeping tack of funds, due dates, and which bills had already been paid a hassle. In 2007, the pair decided to try things a little differently and founded Check, a service which allows users to consolidate all their bill payments, balances, and transactions into one safe and easy to use program.

However both founders recognized the importance of being able to pay bills on the go. Having to be wired in to your computer, trapped at a desk, still frustrated consumers. They wanted to be able to settle debts and manage money on the go. With the launch of the first real smart phones just around the corner, CEO Goldstein and CFO Kaufman decided to turn Check from just an online service to a mobile app powerhouse.

Check was officially launched for consumer consumption in 2008 and was one of the first 500 apps released alongside the first generation iPhone.

Today the exclusively mobile app service, based out of Palo Alto, California, is free for consumers and has a client base of over ten-million users which is only growing stronger by the day. The app also boasts that users can expect triple layer and bank level security, in case anyone was worried about the idea of mobile banking.

Recently Intuit took notice of the company and will be taking the app under its umbrella of financial services for the incredible price of $360 million, which was made public at the end of May. Intuit was founded by Scott Cook, in 1983, who was trying to find a more convenient and time saving way to keep track of the family’s financial situation.

Today, Intuit’s portfolio includes resources and software such as TurboTax, QuickBooks, Quicken, ProSeries and Mint.com just to name a few.

With the addition of Check to Intuit’s collection of financial resources for today’s everyday family, Intuit will now be able to offer consumers a seamless and easy to use financial service. From managing income, investing money, paying bills, and filing taxes, Intuit is a financial powerhouse for all those who are looking to take the hassle and stress out of banking. With the acquisition of Check, Inuit opens up a world of convenient and on-the-go banking for busy consumers.

In a report by GeekTime, the Israeli location for Check will now be turned into a center of operations for Intuit and both Goldstein and Kaufman will serve as vice president under Inuit’s control. According to Goldstein in the report, “Mobile is a key driver of bill pay opportunities. We look forward to merging our talent, mobile mindset and spirit of innovation with Intuit to build products that delight consumers and become a part of their everyday financial lives.”

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