Chexy is growing as younger Canadians seek immediate, flexible returns versus the more traditional passive accumulation method of earning rewards on payments.
Originally launched to support rent payments, Chexy has expanded into a broader payments platform designed to help Canadians get more value from their everyday expenses.
New data released by the Toronto fintech shows cashback card usage through the platform is increasing more than twice as fast among users under 40 than those aged 40 and over, rising over 100% during Chexy’s most recent quarter.
Over the same period, the number of users earning cashback grew 60%.
The company notes that those over 40 transact more per capita, but the digital platform skews toward younger Canadians, who dominate the user base and ultimately processed during the quarter nearly $25M versus less than $12M for the older group.
Liza Akhvledziani, founder and chief executive officer of Chexy, says that expectations are changing as cost-of-living pressures remain elevated and household budgets tighten.
“Rewards are no longer something Canadians earn passively over time,” she says. “They’re becoming an active part of how spending is managed day-to-day.”
“Younger Canadians are leading this shift,” Akhvledziani observes. “They’re prioritizing flexibility and immediacy, using cashback as a way to unlock value in real time on the expenses they already have, rather than waiting to accumulate rewards over the long term.”
Chexy launched in 2023 with $1.3M in funding. This year, Chexy raised $14 million in a Series A round led by Khosla Ventures.
The fintech, which established a partnership with Aeroplan last year, today serves more than 200,000 users across Canada.
Leave a Reply