Simplifying Banking For Startups & SMEs: An Interview with Tomas Milar, Founder and CEO of Cheqly

In conversation with Tomas Milar, a visionary entrepreneur and the driving force behind Cheqly, a full stack neobank catering to startups and SMEs. With a passion for simplifying financial processes and empowering businesses, Tomas has revolutionized the way entrepreneurs manage their finances. In this exclusive interview, we delve into Tom’s entrepreneurial journey, the unique offerings of Cheqly, and his insights on the future of banking for businesses.

Can you tell us about your journey as an entrepreneur and what inspired you to start Cheqly?

My journey as an entrepreneur began with the establishment of a company incorporation business in Hong Kong, Startupr, where I gained valuable insights into the needs and challenges faced by startups and small to medium-sized enterprises (SMEs). During this time, I also had the opportunity to acquire IncParadise, one of the largest Registered Agents in Nevada, further expanding my expertise in the business landscape.

Inspired by the desire to simplify and streamline the complex processes associated with equity management, I founded Eqvista. Eqvista is a sophisticated equity management software designed to empower companies, investors, and shareholders with the ability to track, manage, and make intelligent decisions regarding their equity. By providing a comprehensive platform to incorporate companies and manage equity seamlessly, Eqvista eliminates the unnecessary hassle and time-consuming tasks typically associated with these processes.

Building upon the success of Eqvista, I realized the need for a neobank that caters specifically to the banking requirements of startups and SMEs in the United States. This realization led to the creation of Cheqly. With Cheqly, our primary objective is to make banking easy for startups, offering essential banking services that help entrepreneurs effectively start and manage their businesses. By providing a user-friendly platform accessible anytime, anywhere, Cheqly represents the future of banking for startups and the SME industry in the USA.

Cheqly and Eqvista together represent a powerful ecosystem, enabling entrepreneurs to incorporate their companies, manage their equity, and access essential banking services seamlessly. Our vision is to create an all-in-one platform that serves as a trusted partner for startups and SMEs, helping them thrive in today's competitive business landscape.

Could you explain the concept of a full-stack neobank and how it benefits startups and SMEs in their financial operations?

Sure! A full-stack neobank like Cheqly is a complete banking solution designed specifically for startups and SMEs. It provides a wide range of financial services all in a single platform, making it convenient and efficient for businesses to manage their finances. From opening a company, filling annual returns with the Secretary of State, business accounts, and payments to invoicing, expense tracking, and financial reporting, a platform like Cheqly simplifies and streamlines financial operations, saving entrepreneurs valuable time and effort. We have also merged all Eqvista services with Cheqly; valuations, shares issuance, and all compatible services. We are really unique in the market. We can cover all you need, from incorporation, banking, valuations, and company shares management.

In what ways does Cheqly support the growth and development of startups and SMEs beyond traditional banking services?

At Cheqly, we go beyond traditional banking services to provide comprehensive support for the growth and development of startups and SMEs. We understand the unique needs of these businesses, and our aim is to empower entrepreneurs with the financial tools they need to thrive.

First and foremost, we offer the convenience of opening a US business account remotely and online through Cheqly. This eliminates the need for entrepreneurs to travel or go through complex paperwork, making it quick and hassle-free to establish a banking presence in the US.

With Cheqly, we believe in transparency and affordability. That's why we offer a US business account with no monthly or annual account fees and no minimum balance requirements. We want to ensure that our services are accessible to businesses of all sizes, providing them with a solid financial foundation without the burden of unnecessary fees.

We understand the importance of efficient and seamless money transfers, both locally and internationally. That's why we have designed our platform to enable easy and fast money transfers, facilitating smooth business operations and global expansion.

To further enhance the banking experience, we provide a VISA debit card, offering both physical and virtual card options. This allows businesses to make payments, manage expenses, and access funds conveniently, whether it's for online purchases, in-store transactions, or international payments.

At Cheqly, we believe in delivering exceptional customer support and a personal touch. Our dedicated team is ready to assist entrepreneurs every step of the way, ensuring that their banking needs are met promptly and efficiently.

Can you cover one more time the whole process and why you're different from the other providers?

We specialize in supporting the launch of new ideas through services such as incorporation, banking, and cap table management. Our journey began in 2002 when we acquired IncParadise, originally founded by John Vanhara. This acquisition provided us with invaluable expertise in incorporation services and a deep understanding of the needs of startups during their early stages. Whether you choose to establish a C corporation or an LLC, we can expedite the process, completing the necessary paperwork within a matter of hours or days, depending on the state you select.

Once the incorporation is taken care of, the next essential step is setting up a business account. Our partner, Neobank Cheqly, offers convenient business accounts designed specifically for companies like yours. With Cheqly, you can effortlessly send and receive money, and the entire account setup can be completed online within just 48 hours. There's no need to visit a physical branch; everything can be done from the comfort of your own space.

In addition to incorporation and banking, we also provide assistance with share issuance—a critical aspect for startups. We understand that the process can become complex, starting with the allocation of founders' equity and extending to ESOPs (Employee Stock Options) and various types of investor stocks, such as SAFE/KISS/Convertible notes. Moreover, we can guide you through the intricacies of different funding rounds, including pre-seed, seed, and subsequent rounds (Series A, B, C, and beyond). Our expertise covers all these areas, ensuring that you receive comprehensive support every step of the way.

What future developments or enhancements can we expect from Cheqly? Any exciting plans or upcoming features you can share with us?

At Cheqly, we are constantly striving to innovate and enhance our services to better serve the evolving needs of startups and SMEs. We have an exciting roadmap ahead with several developments and features in the pipeline. One area we are focusing on is expanding our integrations and partnerships. We understand the importance of seamless connectivity for businesses, which is why we are actively working on it.

In terms of user experience, we are continuously refining our platform to make it even more user-friendly and intuitive. We are actively seeking user feedback and conducting usability tests to identify areas of improvement and implement changes that enhance the overall banking experience.

As a founder of a successful FinTech company, what advice do you have for aspiring entrepreneurs looking to enter the financial technology space?

Firstly, deeply understand the problem you're solving before developing your solution. This will ensure that your offering is focused and addresses real market needs. Secondly, embrace collaboration and partnerships to build a strong ecosystem that amplifies the value you provide. Thirdly, prioritize security and compliance to earn the trust of your customers and stakeholders. Fourthly, stay innovative by leveraging emerging technologies to differentiate your product or service. Remember to always put the customer at the forefront of your efforts, delivering solutions that truly meet their needs. Lastly, foster a culture of continuous learning and adaptability to stay ahead in this fast-paced and dynamic industry.