“Can a BaaS-powered neobank built specifically for US startups and SMEs become the default financial OS for founders from incorporation to IPO?”
Founded in 2020, Cheqly launched as a full-stack neobank targeting US startups and SMEs, going live in mid-2023 powered by Mbanq's BaaS platform and Evolve Bank & Trust as the sponsor bank. The company was seeded by Eqvista, a cap table and valuation platform, reflecting its positioning within the startup ecosystem. Beyond core banking, Cheqly subsequently added a Venture Debt product, signaling an expansion from pure deposit/payments infrastructure toward lending and capital solutions for founders.
Cheqly discloses MBanq as its banking provider, with Evolve Bank & Trust as its sponsor bank, according to the Embedded Finance Index 2026.
Cheqly does not disclose a bank charter of its own; its banking services are provided through Evolve Bank & Trust.
Cheqly moves money over ACH and Wire.
The Embedded Finance Index 2026 maps 4 layers in Cheqly's stack: Money movement (ACH and Wire); Banking / BaaS (MBanq); Lending (Venture Debt); Sponsor bank (Evolve Bank & Trust).
Cheqly was founded by Tomas Milar and is founded in 2020, headquartered in San Francisco, California, USA.
Cheqly has raised Seed (undisclosed amount) in total (latest round: Seed).
Get a read on where your own stack stands against Cheqly and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.