Cryptocurrency payments startup Cheq announces $2 million raise

Cheq, a FinTech startup enabling cryptocurrency payments, has raised a $2 million pre-seed round led by Connect Ventures, alongside Semantic Ventures, firstminute Capital, and 30 angels including former leadership from Monzo, Revolut and Tide.

It says that the funding will enable it to “establish itself as the primary option for taking payment with stablecoins that are pegged to the US dollar, removing price volatility for both merchant and consumer”.

“The result is a user experience similar to traditional payment platforms but without intermediary fees and cumbersome approval requirements.”

Cheq can be used with any wallet and supports payments on the Ethereum, Binance Smart Chain or Polygon chains.

Chris Butcher, Founder of Cheq, comments: “While cryptocurrency has its diehard fans, many people still find them complex and lacking tangible value in a day-to-day setting.”

“We believe 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 Partner at Connect Ventures, comments: “Chris and his team have a unique perspective on building a Web3 company, insisting that the mass market wants a clean and easy product that removes the complexity and confusion typical of the sector.”

“I’ve been blown away by how quickly they’ve executed. In December 2021 Chris was pitching me an idea. By March they had built a stunning product and were processing tens of thousands of dollars every week.”

Mike Hudack, former CPO at Monzo and investor in Cheq, says: "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 and Web3 with the user-centrism of Web2 FinTech."