SnapCheck

others

FOUNDING YEAR: 2015
LOCATION: United States
Last Update: 19/01/2021

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About

SnapCheck is a high speed, highly secure, and universally accepted solution dedicated to eliminating paper checks. By eliminating the 18 billion checks written in the US each year, one million trees could be spared. We've created a unique open-ecosystem platform for paying anyone anywhere with the familiar form of a check, but without all the problems inherent in paper. Our digital checking solution gives businesses, consumers, and banks the ability to save over $50 billion a year in costs and $20 billion a year in fraud losses.

MEDICI Analysis

SnapCheck is an unique open-ecosystem solution dedicated to eliminating paper checks. The platform helps users paying anyone anywhere with the familiar form of a check, the digital checking solution enables the ability to save costs in fraud losses.

Focus

PRODUCTS & SERVICES

SnapCheck provides a revolutionary business payments platform that eliminates the need for paper checks. Our Digital Checking Platform provide the speed, security, convenience of electronic payments, coupled with the universal acceptance of checks and adds unparalleled transparency into the payment flow. Our platform integrates seamlessly into banking, accounts payable, payroll systems, and more. We serve businesses of all types from small SMBs to large insurance companies to help them modernize their payments.

REVENUE MODEL

transactional

PRIMARY PROBLEM SOLVED

Businesses are trapped in a world of paper checks, the dominant payment form for B2B payments, costing $54 Billion in direct costs (printing, postage, writing, monitoring, reconciling) and $20 Billion in fraud losses annually. Businesses haven't converted to electronic payments because they current options are flawed: higher cost, lower visibility, increase security concerns, force process changes, etc. SnapCheck solves this problem by bringing a payment mechanism that is universally accepted, fits seamlessly with existing processes, requires no switching costs, and provides stronger security and fraud protection.

INTELLECTUAL PROPERTY

Patent(s) FILED

company provided insights

Traction

COMPANY TYPE:

For Profit

ACTIVE USERS COMMENT:

In addition to our direct users which were acquired organically with growth of 200% MoM over the past 6 months, we are now enabling banks and other payments platforms. We are onboarding an additional 3.5 million accountholders under current contracts and are engaging Top 40 Global banks in pilots.

company provided insights
Web Traffic

Web Traffic

MONTHLY VISITS

1,560

AVERAGE VISITS (6 MONTHS)

858.14

MONTHLY VISITS GROWTH

-45.51%

VISIT DURATION

508

VISIT DURATION GROWTH

26.93%

PAGE VIEWS VISIT

6.67

PAGE VIEWS VISIT GROWTH

-2.07%

BOUNCE RATE

27.68%

BOUNCE RATE GROWTH

11.68%

GLOBAL TRAFFIC RANK

3,764,991

MONTHLY RANK CHANGE

141,977

MONTHLY RANK GROWTH

3.92%

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SnapCheck

About

SnapCheck is an unique open-ecosystem solution dedicated to eliminating paper checks. The platform helps users paying anyone anywhere with the familiar form of a check, the digital checking solution enables the ability to save costs in fraud losses.

Focus

PRODUCTS & SERVICES

SnapCheck provides a revolutionary business payments platform that eliminates the need for paper checks. Our Digital Checking Platform provide the speed, security, convenience of electronic payments, coupled with the universal acceptance of checks and adds unparalleled transparency into the payment flow. Our platform integrates seamlessly into banking, accounts payable, payroll systems, and more. We serve businesses of all types from small SMBs to large insurance companies to help them modernize their payments.

REVENUE MODEL

transactional

TOP PROBLEM SOLVED

Businesses are trapped in a world of paper checks, the dominant payment form for B2B payments, costing $54 Billion in direct costs (printing, postage, writing, monitoring, reconciling) and $20 Billion in fraud losses annually. Businesses haven't converted to electronic payments because they current options are flawed: higher cost, lower visibility, increase security concerns, force process changes, etc. SnapCheck solves this problem by bringing a payment mechanism that is universally accepted, fits seamlessly with existing processes, requires no switching costs, and provides stronger security and fraud protection.

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

Small And Medium Business - Other

PRODUCT ATTRIBUTES

SaaS

Customer facing

Other

Traction

ACTIVE USERS COMMENT:

In addition to our direct users which were acquired organically with growth of 200% MoM over the past 6 months, we are now enabling banks and other payments platforms. We are onboarding an additional 3.5 million accountholders under current contracts and are engaging Top 40 Global banks in pilots.

LIVE USERS/TRANSACTIONS:

Yes, in live production

CHANNEL STATUS

INITIAL CLIENTS

People

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

employee: Ken Kruszka(CEO)

TEAM COMMENT:

CEO - Ken Kruszka is a 15+ year fintech pioneer. He commercialized the first mobile remittances service in the US, build the first global mobile bank account,,is the first person to send $1 around the world by mobile. He also sits on the Federal Reserve's Business Payments Coalition to improve how businesses conduct transactions. CTO - Ajay Singh is a 25 year industry veteran,previously led banking,credit card technology for Citi in Singapore,Australia. Head of Business Development - Alfred Pepping is a 30 year payments executive,previously ran payments sales,business development for MasterCard,Citi in Latin America. Advisor/investor - Fred Martin was the head of government relations for Bank of America,the chair of BofA's electronic funds transfer task force. Fred was a key architect of the Electronic Funds Transfer Act, contributing 24 amendments to the legislation.

INVESTORS:

Envestnet

Yodlee Incubator

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO