Chqbook, a neobank for small enterprise homeowners like kiranas, retailers, chemists, and others working proprietorships, has launched a brand new cell platform. With this launch, Chqbook goals to deliver world-class monetary companies to an enormous underserved section.
Positioned because the ‘financial control center’ for India’s 60 million small enterprise homeowners, Chqbook’s cell app will place the ability of managing day-to-day monetary necessities in addition to entry to different monetary merchandise of their arms and on-demand, serving to them save time, effort, and cash as they develop their enterprise.
These small enterprise homeowners will be capable of use the Chqbook present account for each day transactions, apply for short-term and long-term enterprise loans, safe their enterprise, life, and well being whereas benefiting from its distinctive free bookkeeping service – Chqbook Khata; which manages suppliers and orders with ease, multi functional place. Transactions throughout these companies are powered by an industry-first rewards system specifically designed for small enterprise homeowners.
With the launch of its new Cellular App, Chqbook plans to scale to over 50 cities and expects to extend its buyer base by 1 million throughout this monetary yr. The three-year-old start-up already companies over 300,000 clients throughout the highest 25 cities and onboards over 25,000 clients on its platform each month for numerous services and products catering to small enterprise homeowners.
Via the cell app, Chqbook has launched a brand new present account for small enterprise homeowners which additionally rewards clients on each day present account transactions making it the primary platform within the nation. The present account is powered by ICICI Bank and gives clients a lifetime zero-balance account, anyplace banking and security and safety from India’s largest non-public sector bank. With safe biometric entry, clients can simply switch funds by means of IMPS, NEFT, and RTGS immediately and earn rewards on transfers as effectively.
Throughout the monetary management middle, Chqbook clients additionally get a free digital bookkeeping service – Chqbook Khata, which intuitively allows small companies to report debits and credit from clients and suppliers alike. In a primary of its sort, the small enterprise homeowners can create and ship orders to their suppliers by means of the app. It additionally has reminding and monitoring options that allow enterprise homeowners to gather funds by sending a cost hyperlink to their clients. It additionally claims to be the primary platform to reward clients who need to transfer to a digital transaction platform for an age-old follow.
Chqbook clients can safe their outlets, life, and well being by means of revolutionary insurance coverage merchandise designed protecting the small enterprise proprietor in thoughts. Aside from this, Chqbook additionally supplies overdrafts to small companies by means of pre-approved credit score strains out there throughout the app. Its two-step checkout course of and intuitive TARA AI engine, claims to deliver collectively the most effective of expertise and analysis to provide small companies the management on their funds they at all times wished, all, at zero charges.
Vipul Sharma, Founder & CEO, Chqbook mentioned, “Small enterprise homeowners are the lifeline for the native communities by which they function and are chargeable for lifting them up and offering employment at scale. Their success is a crucial cog within the authorities’s imaginative and prescient of an Atmanirbhar Bharat. At Chqbook, we are attempting to empower India’s 60 million small enterprise homeowners who’re financially underserved and serving to them understand their targets. Chqbook’s cell app brings collectively all of the monetary transactions a small enterprise proprietor should deal with, now out there on-demand and at their fingertips. Our ‘financial control center’ aggregates a easy to make use of the present account, conventional khata transactions, lending, and insurance coverage. It brings all each day transactions in a single place making them simple to entry, in order that small enterprise homeowners can concentrate on what they do finest — working and rising their companies.”
“The business of banking is changing rapidly with the emergence of neobanks whose lean business models and personalized customer experience backed by superior technology is fast becoming the chosen platform. As we have discovered during the pandemic, small businesses are the backbone of the Indian economy. Chqbook’s new mobile-first digital financial platform brings them into the formal economy enabling access to affordable credit, build operational efficiencies, and plug into global supply chain opportunities. Chqbook’s mission to help India’s small business owners succeed and thrive is essential if we are to build a more inclusive digital economy”, mentioned Sushma Kaushik, Aavishkaar Capital.