Chexy is a rent payment platform that allows tenants to pay their landlords using credit cards, enabling them to earn up to 4% cashback and accumulate credit points without requiring landlord participation. This solution addresses the high cost of rent by transforming it into a source of financial rewards and credit-building opportunities for renters.
Funding
$4.2M 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.
CVFCFounders
Product
Problem
Many renters are unable to use credit cards to pay their rent, missing out on opportunities to earn rewards, build credit, and access other financial benefits associated with credit card spending. Landlord adoption of credit card payments is often low due to processing fees and administrative overhead.
Solution
Chexy is a platform that allows tenants to pay their rent using credit cards, even if their landlords do not directly accept them. Chexy facilitates rent payments via e-transfer or pre-authorized debit (PAD) to the landlord, while the tenant pays Chexy using their credit card. This enables renters to earn cashback, travel points, and other credit card rewards on their largest monthly expense. Chexy supports Canadian Visa and Amex cards with a 1.75% processing fee and international credit cards with a 2.5% fee.
Target Audience
The primary target audience is renters in Canada who want to earn credit card rewards and build credit by paying their rent with a credit card, regardless of whether their landlord accepts credit card payments directly.
Features
- Credit card rent payments without landlord participation
- Supports e-transfer and pre-authorized debit (PAD) payment methods to landlords
- Cashback and travel rewards earning on rent payments
- Chexy Wallet for managing and paying other recurring household expenses (in Beta)
- Reward calculator to estimate potential earnings
- Supports Canadian Visa, Amex, and international credit cards