MVB Financial in Fairmont, W.Va., has made an investment in bill-pay startup BillGO.
The $1.5 billion-asset MVB also said in a press release Wednesday that Larry Mazza, its president and CEO, has joined BillGO's board. MVB did not disclose the size of its investment, or how much it paid.
BillGO, based in Fort Collins, Colo., lets users manage bill payments and split bills with other people. Customers can also set payment reminders for bills and add new bills through photos or e-mail. It launched in October.
MVB "has always sought innovative ways to assist clients with their financial needs," Mazza said in the release."BillGO is an excellent example of leveraging technology to solve a consumer challenge in the area of bill-pay management."
U.S. consumers most frequently cite forgetfulness as the top reason for paying bills late, Dan Holt, BillGO's CEO, said in the release. The company is trying to tackle the "frustrating and time-consuming process by providing users with a complete picture of all their bills," he added.
Mint, Intuit's personal finance website, added a bill pay and tracking function to its offering last month. It says more than 30% of U.S. consumers miss a bill, which leads to late fees, increased interest and potentially negative effects on their credit scores. Americans rack up $77 billion in credit card fees each year.
The investment comes as banks look to develop financial apps for noncustomers to build relationships through app-based financial guidance instead of products.
MVB raised $22 million last month in a private placement.