Fintech firm Chqbook teamed up with National Securities Depository Limited Payments Bank on Wednesday to open a zero-balance digital checking account for small business owners.
Small business owners like grocery and chemists can open a checking account instantly from the Chqbook app on their smartphone in their preferred language. Currently, accounts are available in 8 languages, making them more accessible and easier to understand.
The new digital and instant checking account is a timely innovation for over 63 million small businesses in India. By promoting Chqbook’s message of financial inclusion, small business owners can access financial services, including accounts, loans, and insurance, from their smartphones via the Chqbook app without the paperwork to run and grow their businesses.
Chqbook has been very well-received in the two weeks since it launched its new digital checking account. Based on initial results, Chqbook will open more than 100,000 checking accounts during this fiscal year.
In India, which has 725 million active users, increasing internet use and the proliferation of smartphones are revolutionizing access to financial services. In line with Digital India’s vision, Chqbook aims to provide small business owners digital access to financial services, including bank loans and insurance, from the Chqbook app. With over 1.6 million app downloads and 250,000 active users across India, Chqbook is dedicated to helping small businesses grow.
Chqbook is in discussions with investors to create a Series B fund. To date, the company has raised a total of $13 million from leading investors including Aavishkaar Capital, Rajiv Dadlani Group, Earlsfield Capital UK, Harsha Bhogle, Bharat Shyam, Ken Glass, and Rohit Chanana. , Bhupesh Kumar, Amit Manocha, Amit Singal, Nilesh Shrivastava. and Sakshi Vij.
“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 the 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 a national scale, and providing superlative customer experience through technology, and we are just getting started” said Vipul Sharma, Founder & CEO, of Chqbook.
