Chexy, described as Canada’s pioneer payments platform enabling tenants to garner rewards through regular on-time rent payments, has announced both its launch and a pre-seed funding round that has netted the company $1.3m CAD.
Crossbeam Ventures championed the investment, with contributing parties including Groundbreak Ventures, Ferst Capital Partners, and individual investors well-versed in the real estate and FinTech sectors.
Chexy aims to modernise the process of rent payments, a domain that remains largely traditional and inefficient. As Canada faces a competitive rental market with soaring prices, particularly in metropolitan areas, Chexy aims to empower Canadian tenants in achieving their financial objectives.
It allows them to earn rewards through using their favourite credit cards for rent payments and secure additional cashback towards their rent from everyday spending with prominent household brands.
Additionally, Chexy’s forthcoming credit building offering, expected to be launched in the summer, is a significant asset for newcomers to Canada as it aids in building credit through rent payments, their most significant expense.
The raised capital will be put to use by Chexy to expand its team with a view to delivering this lucrative programme to more renters throughout Canada. The company’s vision is to turn this platform into a tool for all Canadians to facilitate digital rent payments while simultaneously earning rewards and bolstering their credit score.
Liza Akhvledziani, CEO and Co-Founder of Chexy said, “It puzzled me that a phone bill appears on credit reports, but not a rent payment. Credit building is a challenge for new and young Canadians, and Chexy aims to help them without additional loans. Our users aspire to own homes, and rent reporting through Chexy accelerates their path, potentially allowing them to save thousands in interest costs in the future.”
Sakib Jamal, Senior Associate of Crossbeam Ventures added, “We believe that earning rewards and building credit through rent payments is a minimal effort and is going to be a global, standardised trend.”
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