Cheq has secured $700k of the round and is currently looking to close the remaining $300k
Named the next AfterPay coming out of Australia. Cheq has been dubbed “BeforePay” at the Fintech hub where their offices are located.
Cheq app has 3 main components that aim to help you decrease your financial stress:
1) Budgeting – Budgeting is hard, we get it. Cheq app automatically creates your budgets, so you don’t have to
2) Spending – It categorises your transactions to give them meaning and predicts your upcoming bills or risk of overdrafts, so you can stay in control
3) CheqPay – Get paid up to $300 based on how long you’ve worked, instantly deposited into your account. On your next payday we debit your account the cash you requested + a minimal 5% transaction fee – no interest or hidden costs
The Android app launches at the end of the week to 2,000 people who are currently registered on Cheq waitlist.
Cheq is raising an investment round that includes a debt facility to service the loan book. Existing shareholders have committed a large portion of the round, as well as new strategic investors who see the potential. We would like to open up the remainder to new investors who share our vision.