Chexy, Canada’s pioneering rent rewards and payments platform, today announced a seed round raise of $4.1m CAD.
The funding round was led by Venrex, accompanied by contributions from Crossbeam Ventures, Groundbreak Ventures, Antler Global, and strategic angels in the realms of real estate, FinTech, and banking.
Launched in early 2023, Chexy stands out as Canada’s first platform to allow over 15 million renters nationwide to pay their rent with their preferred credit card. This innovative service not only accrues points and cashback for users but also supports their financial health by enabling automatic reporting of payments to Equifax, aiding in credit score improvement.
With the Government of Canada’s recent advocacy for accessible rent reporting in its budget announcement, Chexy is at the forefront of empowering renters. The company plans to use the new funding to make its rent reporting feature free for all active users, further aligning with national policies aimed at benefiting renters.
Liza Akhvledziani, CEO and Co-Founder of Chexy, emphasizes the company’s commitment to financial inclusivity, “As a newcomer to Canada myself who has gone through the challenges of navigating our credit scoring system, I am dedicated to ensuring that anyone who wishes to have their rent payments reflected on their credit report can do so — at no extra cost to our users.
“Not having rent payments on the credit report is causing a significant information asymmetry between tenants and landlords, making the next apartment search hard in an incredibly competitive rental market. Not to mention, homeownership in Canada is already a pipe dream for many, so this is Chexy’s way of helping people move closer to achieving their dreams.”
Ian Goldberg, Principle at Venrex, highlighted the organic growth Chexy has experienced since its launch, describing it as a “win-win-win proposition with no behavior change needed, best represented by their organic, rapid monthly user growth since launch.”
The funding will also enable Chexy to extend its services beyond rent payments to include Chexy Home Services. This new venture will offer tenants a variety of household services such as tenant insurance, WiFi, phone services, and more, all integrated into the Chexy home system for a more streamlined household management experience.
Chexy’s ongoing development will soon allow users to combine all household payments, including utilities and insurance, into one convenient bundle, providing significant savings. Akhvledziani said,
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