Funding to scale game-changing API for Digital Payouts to fix the “last mile” problem by completely eliminating paper checks
SAN MATEO, Calif.–(BUSINESS WIRE)–#AutomatePayments—Checkbook Inc. today announced that it 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, when CEO and founder PJ Gupta recognized a 100-year old problem no one was solving – 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 not only solves for the inefficiencies of paper checks, but the push payments platform also provides 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.
The intuitive platform provides businesses with solutions that fit their needs whether it’s pushing a payment directly to their recipient’s bank or sending them a virtual card, allowing senders to earn money with every payment. The payments can be sent online without requiring recipient’s ACH info, thereby completing the last mile of payments with ease.
“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,” said Gupta. “We look forward to working with our investors to continue leading the way in the ‘last mile’ of push payments.”
“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,” said Charles Svirk, Principal at MassMutual Ventures. “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.”
Checkbook is building a highly efficient Digital Payment system focused on sending/disbursing payments. It eliminates paper checks completely while increasing efficiency and security by providing a choice of settlement rails and seamless recipient experience. Based in San Mateo, CA, Checkbook was founded in 2015 by former VISA Chief Network Architect PJ Gupta and is funded by multiple VCs and individual investors including Tim Draper, Rocketship.vc and others.
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