Checking in with $2 million, Cheq aims to bring hassle-free user experience in crypto

An ever-increasing number of consumers are turning to stable coins as a way of protecting their wealth against hyperinflation that their native currencies may be prone to. Traditional payment infrastructures can be less effective in some regions. Crypto payments can be the solution for these regions. However, existing crypto payment solutions do not deliver a user experience that is accessible to the mass market.

Democratising cryptocurrency payments, US and UK-based fintech company Cheq has raised $2 million in funding. The investment was led by Connect Ventures, alongside Semantic Ventures, firstminute Capital, and 30 angel investors, including former leadership from Monzo, Revolut and Tide.

The pre-seed funding will enable the startup to establish itself as the primary option for taking payment with stable coins that are pegged to the US dollar to remove price volatility for both merchant and consumer. This will result in a user experience similar to traditional payment platforms but without intermediary fees and cumbersome approval requirements.

Founded in December 2021 by Chris Butcher, the platform is connected to crypto wallet and instantly offers user interface similar to a modern neobank. Cheq instantly creates payment links that can be embedded on a website or shared on social media. Customers can thus, pay with crypto in a single click.

Cheq is designed for SaaS companies that would like to add a crypto option alongside the existing fiat payment processor, or international freelancers who want to avoid losing revenue in transaction fees. The platform can be used with any wallet and supports payments on the Ethereum, Binance Smart Chain or Polygon chains

Chris Butcher, founder, Cheq said: “While cryptocurrency has its diehard fans, many people still find them complex and lacking tangible value in a day-to-day setting. A crypto wallet has the potential to be an amazing business bank account, and stablecoins provide the means to trade across borders without the costs typical of card payments. Emerging economies where online payments frequently fail and business bank accounts are hard to open could massively benefit from this revolution. All that’s missing is a quality user experience layer, and that’s what Cheq provides.”

Rory Stirling, general, Connect Ventures added: “The mass market wants a clean and easy product that removes the complexity and confusion typical of the sector.”

Mike Hudack, former CPO, Monzo and investor in Cheq concluded: “In the future, a big portion of e-commerce will be paid for with crypto. Cheq makes this possible today, for businesses anywhere in the world. They're providing real utility for real people; the promise of crypto & web3 with the user-centrism of web2 fintech.”