MassMutual Ventures backs Checkbook
Checkbook has closed $10 million in Series A funding led by MassMutual Ventures. IA Capital, JPMorgan Chase and Cross River Digital Ventures are also participating in the round along with previous other investors.
Checkbook was founded in 2015 as an alternative to the hassle of using paper checks and collecting sensitive routing or account information to send zero-fee payments. In the U.S. alone, almost 14 billion checks were sent and $19 trillion in funds were transferred in 2019. Checkbook built a solution that solves for the inefficiencies of paper checks along with providing a flexible way to transmit funds in real-time – there’s no need for recipients to sign up for any service or download any app.
“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.” – Checkbook CEO and founder PJ Gupta.
“We’re excited to support Checkbook as it transforms and simplifies how enterprises and consumers send and receive payments, increasing efficiency and security with a Digital Payment solution that can be deposited instantly. Checkbook has the potential to become the go to solution for push payments with its ability to cost-effectively enable businesses to send and receive payments at scale and track data in real-time online.” – Charles Svirk, principal at MassMutual Ventures.