US-based fintech Mbanq has teamed up with Cheqly, the fintech designed to make banking simple for start-ups. Specifically, Cheqly has launched utilising Mbanq’s BaaS platform. With this partnership, Cheqly says that it provides its customers with an improved banking experience that is specifically focused on the needs of small and medium-sized enterprises (SMEs) and startups.

Cheqly provides easy-to-use and more accessible bank accounts and cards for entrepreneurs and business owners across the US. Cheqly was inspired by the deficiency in the market for providing accounts and financial services to small to medium-sized businesses at the grassroots level. As a result of collaborating with Mbanq, Cheqly has successfully developed and launched a highly focused solution.

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“At Cheqly, our end goal is to provide the best possible banking experience for the startup community. We are supported by Eqvista which has $36bn in assets under administration,” said Tomar Milar, CEO of Cheqly.

SMEs: ‘vast potential as a customer segment’

“The quality of Mbanq’s Banking-as-a-Service platform, together with a user-centric approach, means Cheqly can provide tailored and bespoke products at a low cost for businesses and SMEs. On top of this, we have already built a wonderful level of personal connection with our clients, which will help newcomers overcome trust issues.”

“SMEs offer vast potential as a customer segment. Cheqly’s innovative service model, enabled by Mbanq’s technology and as-a-service portfolio, allows Cheqly to reduce cost-to-serve and deliver tailored customer services to businesses,” said Vlad Lounegov, CEO of Mbanq.

“Cheqly’s goal is to build a more comprehensive digital banking experience for clients and Mbanq’s BaaS technology and services team are there to help every step of the way.”

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Mbanq’s BaaS platform is a digital and fully regulatory compliant solution that enables traditional banks, challenger banks, and fintech companies to roll out their business scenario in a compliant and fast way. The platform supports the full scope of financial services and offers a unified database with quick time-to-market. Its modular architecture allows for full API connectivity, making it a flexible and efficient solution for businesses looking to enhance their financial services.

Cheqly’s platform is already live. Its vision is to give entrepreneurs time to focus on their business by providing a digital ‘beyond-banking’ platform that will handle payments, provide business analytics using AI, and plug in additional customer services.