Online payments processor Checkbook Inc. has secured $10 million in a Series A funding round, according to a company-issued press release Monday (Nov. 1).
MassMutual Ventures led the round, which saw participation from IA Capital, J.P. Morgan Chase, Cross River Digital Ventures and several previous investors, the release stated.
Founded in 2015, the company set a goal to address the inconvenience of paper checks and collecting personal information, such as bank account or routing information, to send payments. In response to the inefficiencies of paper check use, Checkbook’s platform offers the capability to transmit payments in real time, without the need for recipients to sign up for service or download an app, according to the release.
The platform also provides businesses with various payment-related services, including the ability to send a payment directly to a recipient’s bank or send them a virtual card without needing their ACH info, the release stated.
“By building a seamless online recipient experience, we’re completing the last mile of payments,” Checkbook CEO and Founder PJ Gupta said in the release. “We want to become the ubiquitous solution for enterprises and consumers everywhere, offering the only one-sided digital payment solution.”
Gupta was a Visa chief network architect before he founded Checkbook, which is based in San Mateo, California, according to the release.
Checkbook joined Visa’s FinTech Fast Track program last year and debuted a program aimed at broadening the reach of real-time payments.
At the same time, it began offering Virtual Cards, a program intended to expand the reach of real-time payments. Checkbook created Virtual Cards to help eliminate the worry of losing a wallet or being a victim of credit card fraud. Each card features a one-time-use 16-digit number with a pre-set spending limit.
Visa’s Fast Track program launched in 2018. In May 2020, the program had seen a 280% increase amid the pandemic.