Cheq raised a $2 million pre-seed round led by Connect Ventures, alongside Semantic Ventures, firstminute Capital, and angel investors.

Cheq, a London, UK-based software startup developing a mobile app used for crypto payments, announced completing a pre-seed funding round closed at $2 million.

The money was raised from investors led by Connect Ventures, alongside Semantic Ventures, firstminute Capital, and angel investors whose name was not disclosed.

Cheq, founded in 2021 by Chris Butcher, is building a payment processing tool available on a mobile app for consumers that want to make crypto payments transfers. It also makes its software tool available as a white label SAAS that can be embedded by other companies for processing crypto payments from their users. The company says it handles international payments easy, promises 0% transaction fees and can be used with any wallet and supports payments on the Ethereum, Binance Smart Chain or Polygon chains. It aims to establish itself as the primary option for taking payment with stablecoins that are pegged to the US dollar, removing price volatility for both merchant and consumer.