Checkbook, which claims to be solving the 100-year-old problem with using paper checks, has scored $10m in its Series A.
MassMutual Ventures served as the lead investor, with contributions also coming from IA Capital, JPMorgan Chase and Cross River Digital Ventures. Unnamed previous Checkbook backers also joined the round.
Checkbook was founded in 2015 by PJ Gupta to tackle the hassle of using paper checks and collecting sensitive routing or account information to send zero-fee payments – a problem ignored for 100 years, he claimed.
In 2019, Checkbook claims 14 billion checks were sent and $19trn in funds were transferred in the US. Gupta created Checkbook to solve inefficiencies of paper checks and provide a flexible way to transmit funds in real-time.
The platform supplies businesses with solutions to help push a payment directly to their recipient’s bank or send them a virtual card. Payments can be sent online without the need of getting the recipient’s ACH information.
Gupta said, “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.
“We look forward to working with our investors to continue leading the way in the ‘last mile’ of push payments.”
MassMutual is a seasoned FinTech investor. The company closed its third venture capital fund on $100m back in June 2020. Its investment focus spans FinTech, cybersecurity, enterprise software and digital health companies.
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