The startup offers a fund disbursement platform that utilizes real-time data insights to enable nonprofits, foundations, and universities to manage financial operations more efficiently. Its solution includes controllable physical debit cards and virtual cards with customizable spending parameters, enhancing visibility and reducing operational costs.
Funding
$3.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Nonprofits, foundations, and universities often face challenges in efficiently managing and tracking fund disbursements, leading to increased operational costs and reduced visibility into how funds are spent. Traditional methods can be time-consuming and lack the necessary controls to prevent unauthorized spending or ensure funds are used as intended. This lack of transparency can also hinder donor relations and compliance efforts.
Solution
Chek provides a fund disbursement platform designed to streamline financial operations for nonprofits and other organizations. The platform enables users to grant wallets to recipients and issue controllable physical and virtual debit cards with customizable spending parameters, including merchant type, location, and time period. Chek also supports ACH payments, allowing for versatile fund distribution. The platform offers real-time data insights and detailed spending reports, providing organizations with unprecedented visibility over spending, improving donor relations, and boosting transparency and compliance.
Target Audience
Chek primarily serves nonprofit organizations, foundations, and universities that require efficient and transparent fund disbursement solutions for financial assistance initiatives.
Features
- Digital card issuance for quick fund distribution in seconds
- ACH payment automation for streamlined transfers to recipients and businesses
- Customizable spending controls based on merchant type, location, and time period
- Real-time transaction tracking from disbursement to expenditure
- Automated recovery of unused funds for reinvestment into the organization's mission
- Integration with Salesforce for automated recipient data synchronization
- QuickBooks integration for seamless financial transaction syncing
- Role-based security to ensure appropriate access controls
- Password-less login with passkeys for enhanced security
- Data encryption to safeguard sensitive information