Checkbook Secures $ 10 Million Series A Funding Led by MassMutual Ventures
Checkbook Inc. today announced that it has closed a $ 10 million Series A financing led by MassMutual Ventures.
IA Capital and JPMorgan Chase are also participating in the round along with other previous investors.
Checkbook was founded in 2015, when CEO and Founder PJ Gupta recognized a 100-year-old problem that no one was solving: the hassle of using paper checks and collecting sensitive routing information or the account to send payments free of charge. In the United States alone, nearly 14 billion checks were sent and $ 19 trillion in funds transferred in 2019. Checkbook has designed a solution that not only solves the inefficiencies of paper checks, but the platform. Push payment form also provides a flexible way to transmit funds in real time – recipients don’t need to register for a service or download an app.
The intuitive platform provides businesses with solutions tailored to their needs, whether it’s transmitting a payment directly to the recipient’s bank or sending them a virtual card, allowing senders to earn cash at every payment. Payments can be sent online without needing the recipient’s ACH information, easily completing the last mile of payments.
“Our mission is to solve the challenges of push payments by creating a payment platform for the digital age. By creating a seamless online recipient experience, we are completing the last mile of payments. We want to become the ubiquitous solution for businesses and consumers around the world, offering the only one-sided digital payment solution, ”said Gupta. “We look forward to working with our investors to continue to lead the way in the ‘last mile’ of push payments. “
“We are excited to support Checkbook as it transforms and simplifies the way businesses and consumers send and receive payments, increasing efficiency and security with a digital payment solution that can be deposited instantly,” said Charles Svirk , director of MassMutual Ventures. “The checkbook has the potential to become the solution of choice for push payments thanks to its ability to enable businesses to send and receive payments at scale cost effectively and to track data online in real time. ”