California based start-up Cheese raises USD 3.6 Million

Pasadena, California, US based start-up Cheese has raised USD 3.6 Million on 10th of March in a seed funding round led by Amplify.LA and  iFly.vc.

Investors: The capitalization of USD 3.6 Million funds took place in a seed funding round led by iFly.vc , Amplify along with some other investors like Adam Nash, former CEO of Wealthfront; Zillow Co- Founder Spencer Rascoff and VC firms Wedbush Ventures, Idealab and Operate Venture Studio.

What the funding is for: The fresh funding would be utilised for its digital banking platform that is aimed at primarily serving the Asian – American community. The company is also aiming to create new features and for expanding the organization’s reach globally.

About the company: Cheese is a privately held organization that provides banking services for Asian communities and offers no cash bank fees, cashback, deposit bonus and FDIC insured. It’s headquarters are established in the Greater Los Angeles Area, West Coast, Western US. They have a work strength of 11- 50 employees. They also deal with various specialties like consumer technology and FinTech.

Founders of the company: Ken Lian, Qingyi Li and Zhen Wang

Founded year: 2019

What the CEO has to say: 

“We understand Asian users much better than anybody else because we are the users”

“Banking did not understand me or my culture or my lifestyle or what matters to me. Our needs are different.”

“A lot of challenger banks also never focused on Asian communities and immigrants.”

“We want to provide a great product to welcome these people to the U.S. and make it easy for them to bank.” — Ken Lian, Co- Founder of the company.

What the investors have to say:

“They don’t necessarily get the same kind of service or product for their banking needs and they face all kinds of pain points, Cheese has a list of products they want to develop for that type of customer…..we know there is a product is a product market fit based on our research and we know this is a strong team.”

“We were already determined to invest on the mission side. They wanted to make things easier and better for the understanding, including immigrants.”

“People deserve a better service. In cheese’s case, the question is not whether or not to provide it, the question is about how to do it right to address their pain points.” — Han Shen, Founding partner of iFly.

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