- Chqbook targets India’s 63Mn small business owners who contribute to 25% of India’s service sector GDP
- The digital present account gives small companies the good thing about instantaneous onboarding and 0 upkeep fees. It additionally comes with a zero charges Rupay debit card.
- The end-to-end digital journey is obtainable in English and seven Indian languages, a first-of-its-variety multilingual present account
GURUGRAM, India, Nov. 8, 2022 /PRNewswire/ — Chqbook, India’s first neobank for small business owners, has launched a first of its variety digital present account. Small business owners like kiranas, chemists and others operating proprietorships can open a present account immediately on the Chqbook App from their smartphone and in a language they’re comfy with. The present account is obtainable in 8 languages making it extra accessible and straightforward to perceive.
The all new digital and instantaneous present account facility is a well timed innovation for greater than 63 million Indian small companies. It furthers Chqbook’s imaginative and prescient of monetary inclusion by empowering small business owners to entry monetary companies – present accounts, lending and insurance, on their smartphones through the Chqbook App with no paperwork, to run and develop their business.
A majority of Small Business Owners transact by means of financial savings accounts main to accounts being frozen due to a number of credit or present accounts of co-operative banks giving them completely no digital interface. A banking transaction usually means a go to to a department, which is time-consuming, tedious and includes paperwork. Apart from that, it takes wherever from 7-20 days to open a present account at a financial institution department.
A present account is a fundamental facility required by any business proprietor to doc and observe their bills, arrange money circulation and permit for simpler calculations of tax liabilities. A present account for business, due to this fact, permits for deposits, withdrawals and accepts UPI transactions. The newly launched present account addresses the normal problems with lengthy ready intervals and permits a small business proprietor to open a present account inside minutes.
The present account facility on the Chqbook App digitizes the whole means of account opening. Any android smartphone enabled business proprietor can open a present account immediately. The digital present account gives all of the options together with downloading account statements to reconcile transactions, including and managing beneficiaries, offering transaction historical past, guaranteeing straightforward fund transfers and options enhanced biometric safety. Customers may make money deposits simply. Chqbook is additional rising the variety of money deposit factors to over 1 Lakh areas over the following few months, which reduces the time taken to go to a faraway department to deposit money. Further, clients obtain the benefit of a zero-balance present account alongside with a free debit card. The clients may avail a POS machine with one single click on on the Chqbook App.
Chqbook has acquired robust traction inside two weeks of launch of its all new digital present account. Based on the preliminary traction, Chqbook will open greater than 100,000 present accounts inside this monetary yr.
“Chqbook’s mobile app brings together all the financial transactions a small business owner must handle, and these are available on demand and at their fingertips. We want to ensure that when a small business signs up with us, we offer them all financial services that they need to run and grow their business and they do not need to step out and waste time. Our all new digital current account is a game changer that will bring a significant shift in the way digital banking services are offered to this underserved segment. Our launch today not only appeals to our customers with its localization but addresses on the ground challenges, evident in the strong feedback and early adoption. Going forward, our efforts will be to open at least 20-25K current accounts in a month. Our goal is financial inclusion at national scale, and providing superlative customer experience through technology, and we are just getting started,” mentioned Vipul Sharma, Founder & CEO, Chqbook.
India’s rising Internet utilization and smartphone penetration with 725 million energetic customers, is revolutionizing entry to monetary companies. Aligning with the imaginative and prescient of a Digital India, Chqbook goals to empower small business owners with digital entry to monetary companies, throughout banking lending and insurance, on the Chqbook app. With greater than 1.6 million App downloads and 250,000 energetic customers throughout India, Chqbook goals to assist make their small companies massive.
Chqbook is in early conversations with buyers for its Series B fund elevate. The firm until date has raised a complete funding of US$ 13 million from marquee buyers together with Aavishkaar Capital, Rajiv Dadlani Group, Earlsfield Capital UK, Harsha Bhogle, Bharat Shyam, Ken Glass, Rohit Chanana, Bhupesh Kumar, Amit Manocha, Amit Singal, Nilesh Shrivastava, and Sakshi Vij.
About Chqbook
Chqbook – a Gurugram and Bengaluru primarily based fintech start-up gives options for small business owners like kiranas, retailers, chemists, and all others operating proprietorship companies. Founded by Vipul Sharma, Rajat Kumar, and Mohit Goel, Chqbook empowers this massively underserved phase to drive monetary inclusion. Chqbook gives small business owners a digital present account, instantaneous business loans and insurance, to make their small business massive. The cell app locations the ability of managing day-to-day monetary transactions within the arms of small business owners, in addition to offering them entry to a various vary of monetary merchandise on-demand and on-the-go, serving to them save priceless time, effort, and cash as they develop their companies. For extra info, go to www.chqbook.com
