A Toronto-based financial technology company has landed one of the largest Series A funding rounds in Canadian fintech this year, securing $14 million from prestigious Silicon Valley venture firm Khosla Ventures to transform how Canadians pay their bills and earn rewards.
Chexy, which launched just two years ago, has quickly evolved from helping renters earn credit card points on rent payments to becoming what CEO Liza Akhvledziani Carew describes as a "financial hub for households" across Canada.
The funding round was led by Khosla Ventures, the same firm that backed tech giants including OpenAI, DoorDash, Stripe, and Instacart. Previous investors Crossbeam, Venrex, and Air Canada—which partnered with Chexy for its Aeroplan rewards program—also participated in the round.
From Rent Payments to Business Hub
What started as a simple concept—allowing tenants to pay rent with credit cards to earn rewards while Chexy handled the actual payment—has expanded into something much larger. The company now processes over $1 billion in annualized payment volume and serves more than 200,000 users nationwide who have earned over $35 million in rewards and cash back.
"We're on track to process over $2 billion in payments next month," Akhvledziani Carew said, highlighting the company's rapid growth trajectory.
Perhaps more surprisingly, Chexy has discovered significant demand from small and medium-sized businesses seeking to digitize their payment processes while earning rewards on everything from payroll to vendor payments.
"SMBs see Chexy as a great way to digitize payments, extend cash flow, and earn rewards on business payments. This was a surprise to us, but we see this as a huge opportunity now," Akhvledziani Carew explained.
Staying Canadian
Unlike many Canadian tech startups that relocate south of the border to access Silicon Valley capital, Chexy is maintaining its Canadian headquarters and focus. The company remains Canadian-controlled with no immediate plans to expand into the United States market.
"We believe Chexy is poised to reinvent the industry," said David Weiden, founding partner at Khosla Ventures, in a statement supporting the Toronto-based company's vision.
The funding will support Chexy's expansion across Canada, with plans to scale its payments platform, expand partnerships, and grow its workforce. The company has already added 10 employees in the past month, bringing total headcount to 32, with plans to hire another five to 10 team members over the next year.
For Canadian consumers and businesses looking to maximize rewards on everyday expenses while streamlining their payment processes, Chexy's expansion represents a growing trend toward financial technology solutions designed specifically for the Canadian market.
This article is based on reporting by BetaKit. Source: BetaKit
