Digital Payments News

Checkbook Secures $10 Million in Series A Financing Led by MassMutual Ventures

Checkbook Secures $10 Million in Series A Financing Led by MassMutual Ventures

Funding to scale game-changing API for Digital Payouts to fix the “last mile” problem by completely eliminating paper checks

Checkbook Inc. announced that it has closed $10 million in Series A funding led by MassMutual Ventures. IA Capital, JPMorgan Chase and Cross River Digital Ventures are also participating in the round along with previous other investors.

“Checkbook has the potential to become the go to solution for push payments with its ability to cost-effectively enable businesses to send and receive payments at scale and track data in real-time online.”

Checkbook was founded in 2015, when CEO and founder PJ Gupta recognized a 100-year old problem no one was solving – the hassle of using paper checks and collecting sensitive routing or account information to send zero-fee payments. In the U.S. alone, almost 14 billion checks were sent and $19 trillion in funds were transferred in 2019. Checkbook built a solution that not only solves for the inefficiencies of paper checks, but the push payments platform also provides a flexible way to transmit funds in real-time – there’s no need for recipients to sign up for any service or download any app.

Read More: QuickFee Introduces Connect, A New Payment Integration with Wolters Kluwer Practice Management Software

The intuitive platform provides businesses with solutions that fit their needs whether it’s pushing a payment directly to their recipient’s bank or sending them a virtual card, allowing senders to earn money with every payment. The payments can be sent online without requiring recipient’s ACH info, thereby completing the last mile of payments with ease.

“Our mission is to solve the challenges of push payments by building a payouts platform for the digital age. By building a seamless online recipient experience we’re completing the last mile of payments. We want to become the ubiquitous solution for enterprises and consumers everywhere, offering the only one-sided Digital Payment solution,” said Gupta. “We look forward to working with our investors to continue leading the way in the ‘last mile’ of push payments.”

Read More: Flutterwave Enables New Europe-Africa Payment Corridors via Stellar

“We’re excited to support Checkbook as it transforms and simplifies how enterprises and consumers send and receive payments, increasing efficiency and security with a Digital Payment solution that can be deposited instantly,” said Charles Svirk, Principal at MassMutual Ventures. “Checkbook has the potential to become the go to solution for push payments with its ability to cost-effectively enable businesses to send and receive payments at scale and track data in real-time online.”

Read More: Everything Blockchain, Inc. Announces Agreement to Develop FinTech Platform Utilizing Its Patented QueryChain Blockchain

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

Standard Metrics Secures $23.7 Million Series A to Pioneer the Digitization of Workflows

Fintech News Desk

The Rise of the Resilience of the Post-Pandemic Restaurant Industry

Brian Duncan

Caspian Expands Liquidity Access by Enabling Clients to Trade on ErisX

Fintech News Desk
1