Y Combinator Accelerator Program led $500K Pre-seed funding raised by CheqUPI
A unified payments interface (UPI) wallet for foreign nationals called CheqUPI has raised $500,000 in a pre-seed funding round led by the Y Combinator Accelerator Program and has also enrolled in the summer 2023 batch of the accelerator program.
CheqUPI is a UPI wallet designed for foreign nationals and was introduced by Manish Kumar Shukla and Sudhanshu Shekhar in 2021. Users of the app, which was created in partnership with Transcorp International Limited, can add money using any debit or credit card, making travel hassle-free and cashless. The fintech startup is well-liked by tourists thanks to its security measures, which guarantee secure transactions and cut down on the frequency of ATM trips and exchange fees.
In the current fiscal year (FY24), CheqUPI claims to have served clients from 24 different nationalities, with the majority being Americans, Britons, and Germans. The company also claims to have served clients from 24 different nationalities. With a 3.86% ownership stake in the company prior to this investment, Angellist was the only investor in Cheq.
In order to meet the needs of NRIs and tourists, CheqUPI plans to build fintech products on top of the UPI platform using its expertise. Cheq and Transcorp have a co-branding agreement for the UPI services they provide. The RBI requested, however, that all co-branded PPI arrangements on UPI be terminated.
