CheQ Digital Pvt. Ltd, a pre-product fintech startup on Thursday said it has raised $10 million (around Rs 77 crore) in a seed funding round led by Venture Highway and 3one4 Capital.
The round also saw participation from Multiply Ventures, Marshot Ventures and Veda VC.
The funds will be used to build the team and launch products over the span of the next few months, along with investing in technology.
“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 and no 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 and scattered,” said Aditya Soni, founder, chief executive officer, CheQ.
He added, “Customers are forced to go through different repayment experiences on different platforms with highly varying schedules of charges and penalties. We are developing a platform that will focus 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.”
Founded by Aditya Soni, the Bengaluru-based company is building a credit management platform with the aim of simplifying the discovery and management of credit products. The firm is also backed by PaisaBazaar CEO Naveen Kukreja and Dotpe CEO, Shailaz Nag.
Priya Mohan, partner at Venture Highway added, “Minutes into our conversation with Aditya, I was checking my credit score details only to see a Rs 2,000 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”.
