Bangalore, India-based business-to-business credit management startup CheQ raised USD 10 million. The seed funding took place on June 29, 2022. Venture Highway and 3one4 Capital led the round for CheQ. Meanwhile, Multiply Ventures, Mars Shot Ventures, and Veda VC joined in the funding.
Purpose of Funding by CheQ
With the latest capital infusion, the fintech company seeks to ramp up its hiring operations and build its team.
CheQ will also launch new products. Further, it will enhance technological solutions. Meanwhile, the startup will launch its product in the coming months.
What the founder has to say
“Indian Credit ecosystem has seen massive growth and customer adoption over the last few years, led by the tailwinds of Buy Now Pay Later, the proliferation of new-age Card products & 0% EMI products. However, today customer awareness around the number of credit products associated with them (knowingly or unknowingly) or management of all such credit products is limited & scattered. Customers go through different repayment experiences on different platforms with highly varying schedules of charges and penalties. We are developing a customer-first platform which focuses on improving the credit health of customers. It makes it easier for customers to track, manage & and pay all their credit payments in one platform”, said Aditya Soni, Founder & CEO, CheQ.
He further added, “The fundraising is a massive vote of trust from the investors. It further validates our hypothesis that we are behind a large problem statement which must be solved.”
What the investors have to say
Priya Mohan, Partner at Venture Highway, said, “Minutes into our conversation with Aditya, I checked my Credit Score details only to see a 2k loan amount, the origin of which I had no clue. A single source of truth for all our credit, what it means for us as customers, and the most intuitive way to manage repayments at one go is a problem waiting to be solved! CheQ as a concept and the founding team, we believe, is the best to do so”.
In addition, Nitya Agarwal, Vice President at 3one4 Capital, said, “CheQ is reimagining financial discipline for the masses by solving for end-to-end credit management. With the rise of BNPL and credit penetration in India, the end-users have limited awareness of the various financial products they are signing up for. We’re excited to work with CheQ as they build a robust unified repayment platform to empower users to manage their credit in a more rewarding and disciplined manner.”
Bhushan Patil, Founder and Investor at Multiply Ventures, said, “Credit, Multiple Consumer Payouts, invisible Losses or Interest Burdens, Transparency & Visibility of personal finances are far from solved today. Cheq’s plan and the vision around this gap fits very well with Multiply Venture’s consumer fintech thesis, too, so we are happy to partner with Aditya & all the Cheq team working together.”
About CheQ
Aditya Soni established CheQ in January 2022. It is a fintech pre-product digital platform that aids users in discovering and managing their credit products online. Angel investors such as Naveen Kukreja, the chief executive of PaisaBazaar, and Shailaz Nag, the founder of Dotpe, back the startup. Currently, it employs over 30 people but aims to get 100 by the end of 2022.
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