Check, a Silicon Valley firm that developed a mobile application for tracking and paying bills, has secured $24 million in Series C funding, led by new investor Menlo Ventures. Menlo Ventures' Managing Director Doug Carlisle will join Check's board, and Avery More, founder and former CEO of CompuCom, joins as an independent board member, according to a news release.

Existing investors Morgenthaler Ventures and Pitango Venture Capital also participated in the latest funding round.

"Americans make $4 trillion worth of bill payments per year, and Check is transforming the bill payment industry with a simple, fast and easy-to-use mobile app," Check CEO Guy Goldstein said in the release.

Check said it processes more than $500 million in payment volume annually, with nearly 10 million customers on its platform. "Check is in an excellent position to disrupt an industry with $20 billion in revenues," Carlisle said in the release.

Check's free mobile app can be used to pay any bill anytime, anywhere and with any payment method, the company said, and gives customers a complete view into their personal finances across multiple providers. The app lets users view balances and transactions and make payments from a mobile device, including same-day payments.

Bill payments are free unless they're same-day, according to the San Fransciso Business Journal, in which case a service charge is added. Carlisle told the newspaper that Check could later target users with advertising based on their spending histories.

Check was launched in Israel in 2007, when it was known as Pageonce, and has raised $49 million to date, according to the newspaper. With one of the first items in the Apple App Store, the startup gained users quickly, but eventually cut its first 10 employees' salary by nearly 50 percent, the newspaper said. But Goldstein said those employees remain with the company.

Learn more about mobile bill payment.