Mumbai, India, June 30, 2022: CheQ Digital Pvt Ltd (www.cheq.one), a pre-product Fintech firm founded by Aditya Soni, has raised $10mn in a seed round led by marquee investors. The round was led by Venture Highway and 3one4 Capital. Multiply Ventures, Marshot Ventures and Veda VC also participated in this round.
It is building India’s first credit management platform with the aim of simplifying the discovery and management of Credit products.
CheQ is also backed by other marquee investors like Naveen Kukreja (CEO – PaisaBazar), Shailaz Nag (Founder & CEO – Dotpe) among other angel investors.
“Indian Credit ecosystem has seen massive growth and adoption from customers 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 are forced to 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 by making it easier for customers to track, manage & and pay all their credit payments in one platform”, said, Aditya Soni, Founder & CEO, CheQ.
“The fundraising is a massive vote of trust from the investors and further validates our hypothesis that we are behind a large problem statement which must be solved”, added Aditya.
CheQ aims to simplify the discovery and management of all credit products for customers and give them a 360-degree view, thus encouraging them to exhibit prudent behavior and make sound decisions on their credit products.
Priya Mohan, Partner at Venture Highway said, “Minutes into our conversation with Aditya, I was checking 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”.
Further, 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 that 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 & 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.”
The fund raised will be primarily used for building the team and launching the product along with investing in technologies that will continue to be CheQ’s core differentiator. CheQ will launch the product in the market over the next few months.