CheQ gears up for public launch after successful beta campaign

By Leandra Monteiro

Bengaluru-based FinTech start-up, CheQ Digital Pvt Ltd, has announced the public launch of its flagship app, after a successful beta campaign that saw it clock INR 60 Crore worth of transactions in 30 days.

Users will now be able to download the app (available on Android & iOS) and join a waitlist. Once on the waitlist, they can unlock early access by referring 2 more users to the app. To incentivize 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.

Commenting on the launch of the waitlist, Aditya Soni, Founder & CEO, CheQ 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.”

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. CheQ aims to help users understand, manage and leverage credit in ways that augment their lifestyle choices. The CheQ app will allow users to pay their credit card bills, loan EMIs from one place and get 1% back as CheQ Chips on every payment.