TORONTO, ON (June 17, 2024) - Today, Chexy, Canada’s rent rewards and payments platform announces its seed round raise of $4.1M. The round was led by Venrex, with participation from Crossbeam Ventures, Groundbreak Ventures, Antler Global, and strategic angels in real estate, fintech, and banking. 

Launched in early 2023, Chexy is the first Canadian platform that enables over 15M renters across the country to use their preferred credit card for rent, earning them points and cashback, and allowing them to automatically self-report payments to Equifax to help them build credit. The platform is available nationwide with thousands of active users across every province and territory. 

Chexy understands the significance of credit history in improving tenants' financial well-being. By reporting rent payments to credit bureaus, the company helps tenants enhance their credit scores with every on-time rent payment they make. In light of the Government of Canada's Budget announcement advocating for accessible rent reporting and new policies to benefit renters, Chexy is leading the industry in delivering value for renters at the time when they most need it. Chexy will now provide its rent reporting add-on free of charge to all active users. 

“As a newcomer to Canada myself who has gone through the challenges of navigating our credit scoring system, I am dedicated to ensuring that anyone who wishes to have their rent payments reflected on their credit report can do so — at no extra cost to our users,” said Liza Akhvledziani, CEO and Co-Founder of Chexy. “Not having rent payments on the credit report is causing a significant information asymmetry between tenants and landlords, making the next apartment search hard in an incredibly competitive rental market. Not to mention, homeownership in Canada is already a pipe dream for many, so this is Chexy’s way of helping people move closer to achieving their dreams.”

“It is truly a win-win-win proposition with no behavior change needed, best represented by their organic, rapid monthly user growth since launch.” said Ian Goldberg, Principle at Venrex. “ If you are a renter in Canada, there is no reason why you wouldn’t use Chexy and share it with your friends.  Liza and team are at the forefront of building the infrastructure for consumer finance in Canada and we are thrilled to be a part of the journey.” 

This funding round will help Chexy build infrastructure for tenants to pay through Chexy, no matter their landlord's preferred payment method, and move beyond rental payments into other household services, including mortgages. Chexy recently announced Chexy Home Services, allowing tenants to purchase tenant insurance coverage, WiFi, phone services, and more—all at great rates under the Chexy home system with more services to come, making the Canadian rental experience more convenient and affordable. 

Chexy users will soon be able to bundle all household service payments with rent at a discounted rate: “Everyday we get questions from users asking us if they can pay for their utilities, insurance…and of course mortgages through the platform. We are excited to be working on the product expansion, positioning Chexy to evolve into a complete household wallet and concierge service.”

Visit Chexy.co to learn more. 

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