Mbanq’s BaaS offering supports US debut of SME-focused Cheqly
Mbanq’s Banking-as-a-Service (BaaS) platform guides the US launch of Cheqly.
San Francisco-headquartered Cheqly provides digital bank accounts, cards and payment solutions that are specifically tailored to the needs of start-ups and small and medium-sized enterprises (SMEs).
Its formation was inspired by the deficiency in the market for accounts and financial services that are intentionally designed for SME business owners at the grassroots level.
Cheqly’s services include business accounts, a physical and virtual Visa debit card with digital wallet compatibility, ACH payments, domestic and international wire transfers, and digital tools and graphs.
The fintech partnered with US-based Mbanq and its as-a-service portfolio, specifically its BaaS solution, to see through the successful launch and delivery of its services.
Mbanq’s BaaS platform is a regulatory compliant digital solution that enables traditional banks, challenger banks and fintech companies to deploy their business scenario.
The platform supports the full scope of financial services and offers a unified database under a modular architecture that allows for full API connectivity.
This capability has allowed Cheqly to more finely tune the design of its services, while also reducing the cost-to-serve, as Tomar Milar, CEO of Cheqly explains: “The quality of Mbanq’s BaaS platform, together with a user-centric approach, means Cheqly can provide tailored and bespoke products at a low cost for businesses and SMEs.”
Cheqly’s platform is now live, fuelled by seed funding provided by Eqvista, a cap table and valuation platform with $36 billion in assets under administration.
The fintech’s future aspirations outline a vision for a digital “beyond-banking” platform capable of handling payments, providing AI-driven business analytics and supporting additional customer services.