Intuit Enhances Fintech Portfolio with Acquisition of Proper Finance
Intuit, a leader in financial management solutions, has announced a strategic acquisition that promises to revolutionize the way small businesses manage their finances. By integrating the team and intellectual property from Proper Finance, Intuit is set to accelerate innovation within its Fintech and Small Business and Self-Employed Group (SBSEG) Money teams.
Note: Intuit hasn’t acquired the entire company. Instead, it has acquired the intellectual property of proper finance and also hired talent from the company.
Key Developments:
- Expertise in Digital Banking and Payments: The Proper Finance team, based in San Francisco, brings extensive knowledge in digital banking, payments, money movement, and financial infrastructure.
- Advancing Money Movement: Intuit’s Money portfolio is at the forefront of transforming how small businesses handle their finances, and this acquisition will further enhance their capabilities.
- Impact on QuickBooks: With $560 billion in total money moved on its platform in FY23, QuickBooks technology is a significant contributor to the small business economy.
Proper finance simplifies the process of reconciliation and financial operations. It has a ton of features for automating these manual processes that consume time and can even result in errors because of manual data entries. By partnering with Proper Finance, Intuit may be hoping to further extend the automation features available in its accounting solution, such as Quickbooks online and Quickbooks Enterprise.
Industry Perspectives:
- James Barrese, Intuit SVP of Fintech: “Our mission is to power prosperity around the world, helping small businesses solve their most pressing challenges in any macro environment. The real magic of our small business ecosystem isn’t just in the services themselves, it’s really in the way they work together. Proper Finance brings deep expertise that will help us accelerate our ability to address this opportunity across the Small Business and Self-Employed Group’s $188 billion total addressable market.”
- Kyle Maloney, Co-founder & CEO of Proper Finance: “We started Proper Finance to empower every company with modern tools for financial data integrity. Joining Intuit will bring us closer to our goal of improving the health of the financial ecosystem. Together with Intuit, we will expand the impact of our expertise to help companies move and track money accurately and efficiently.”
The acquisition of Proper Finance by Intuit is more than just a merger of two companies; it’s a fusion of visions that share a common goal: to empower small businesses with cutting-edge financial tools.
This move is expected to create a ripple effect of innovation and growth across the small business financial landscape. The terms of the deal were not disclosed, but the impact is clear—Intuit is paving the way for a future where small businesses have complete control and clarity over their finances.
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