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CheQ Crosses Rs 60 Crore in Transactions, Opens Waitlist For Public Launch

Starting Tuesday, the users will be able to download and join the waitlist of CheQ app and unlock early access by referring two more users to the app

CheQ Crosses Rs 60 Crore in Transactions, Opens Waitlist For Public Launch
CheQ is offering 100 CheQ chips as a signup bonus and an additional 100 chips on every successful referral
CheQ Website

Outlook Start-Up Desk

POSTED ON February 15, 2023 11:22 AM

Bengaluru-based fintech start-up, CheQ Digital, has announced the public launch of its flagship CheQ app, after its beta campaign clocked Rs 60 crore worth of transactions in 30 days.

Starting Tuesday, users will be able to download the CheQ app (available on Android and iOS) and join a waitlist. Once on the waitlist, they can unlock early access reportedly by referring two more users to the app. To incentivise early adopters, the company is offering 100 CheQ chips as a signup bonus and an additional 100 chips on every successful referral.

CheQ chips are the app’s in-app currency received as a reward for every payment on CheQ. They can be redeemed for vouchers from the top 40 brands in the country or converted to cash and taken to the bank. 

The beta period saw more than 16,000 vouchers being redeemed by users, with those from Amazon, Flipkart, Myntra, Swiggy and Zomato being the most popular, the company said.

“We are thrilled with the results of our beta program, which saw more than 7,000 active users make over 45,000 transactions over a short period of time. This success far surpassed our original goal of onboarding 500 users and serves as a huge confidence boost for us. With the launch of our waitlist, we take our first step toward making CheQ India’s best credit repayment platform,” said Aditya Soni, founder and chief executive officer (CEO) of CheQ.

Founded in 2022, CheQ aims to help users understand, manage and leverage credit in ways that augment their lifestyle choices. And while doing so, make the experience fun and rewarding. The CheQ app will allow users to pay their credit card bills, loan EMIs from one place and get 1 per cent back as CheQ chips on every payment.

The company raised $10 million in July 2022 in a seed round that saw participation from marquee investors like 3one4 Capital, Venture Highway, Multiply Ventures, Mars Shot Ventures, and Veda VC.

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