Chqbook launches digital checking account for small business owners
Chqbook, India’s first neobank for small business owners, announced the launch of a one-of-a-kind digital checking account today at the Singapore Fintech Festival.
Small business owners like kiranas, chemists and other business owners can open a checking account instantly on the Chqbook app from their smartphone and in a language they are comfortable with. The current account is available in 8 languages, which makes it more accessible and easy to understand.
The brand new digital and instant checking account service is a timely innovation for over 63 million Indian small businesses. It furthers Chqbook’s vision for financial inclusion by enabling small business owners to access financial services – checking accounts, loans and insurance, on their smartphones through the paperless Chqbook app, to manage and grow their business. .
Majority of small business owners transact through savings accounts resulting in freezing of accounts due to multiple credits or current accounts of cooperative banks giving them absolutely no digital interface. A bank transaction usually means a visit to a branch, which is time consuming, tedious and involves paperwork. Apart from that, it takes between 7 and 20 days to open a current account in a bank branch.
A checking account is a basic facility required by any business owner to document and track expenses, organize cash flow, and allow for easier tax liability calculations. A business current account therefore allows deposits, withdrawals and accepts UPI transactions. Chqbook’s newly launched checking account solves the traditional problems of long waiting times and allows a small business owner to open a checking account in minutes.
The checking account feature on the Chqbook app digitizes the entire account opening process. Any compatible business owner with an Android smartphone can open a checking account instantly. The digital current account offers full functionality including downloading account statements to reconcile transactions, adding and managing payees, providing transaction history, ensuring easy fund transfers and security enhanced biometrics. Customers can also make cash deposits easily. Chqbook is further increasing the number of cash deposit points to over 1 Lakh over the next few months, reducing the time needed to travel to a remote branch to deposit money. In addition, customers benefit from a zero-balance checking account as well as a free debit card. Customers can also use a POS machine with just one click on the Chqbook app.
Chqbook received strong traction in the beta phase within two weeks of the launch of its brand new digital checking account. Based on initial traction, Chqbook is launching it for the masses today and will open over 100,000 checking accounts this fiscal year.
“Chqbook’s mobile app brings together all the financial transactions a small business owner needs to manage, and these are available on demand and at your fingertips. We want to make sure that when a small business signs up with we provide her with all the financial services she needs to run and grow her business and that she doesn’t need to go out and waste time.Our brand new digital checking account is a game changer and will bring a significant change in how digital banking services are delivered to this underserved segment. Our launch today not only appeals to our customers with its localization, but also addresses challenges on the ground, as evidenced by strong feedback and adoption. Going forward, our efforts will be to open at least 20-25,000 current accounts in a month Our goal is nationwide financial inclusion and providing ture of exceptional customer experience through technology, and we are just getting started,” said Vipul Sharma, Founder and CEO of Chqbook.
The growing use of the Internet and the penetration of smartphones in India, with 725 million active users, are revolutionizing access to financial services. Aligning with the vision of a digital India, Chqbook aims to give small business owners digital access to financial services, through bank loans and insurance, on the Chqbook app. With over 1.6 million app downloads and 250,000 active users across India, Chqbook aims to help grow their small businesses.
Chqbook is in talks with investors for its Series B funding round. To date, the company has raised a total of $13 million in funding from renowned investors including 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.