NEW DELHI: Chqbook, a neobank for small enterprise house owners, has launched a first-of-its-kind digital present account. Small enterprise house owners like kiranas, chemists, amongst others, can open a present account immediately on the Chqbook App from their smartphone and in a language they’re snug with. The present account is obtainable in eight languages making it extra accessible and simple to grasp.
The all new digital and instantaneous present account facility is a well timed innovation for greater than 63 million small companies in India. It furthers Chqbook’s imaginative and prescient of economic inclusion by empowering small enterprise house owners to entry monetary companies – present accounts, lending and insurance coverage, on their smartphones through the Chqbook App with no paperwork, to run and develop their enterprise.
A majority of small enterprise house owners transact by means of financial savings accounts resulting in accounts being frozen as a consequence of 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 entails paperwork. Apart from that, it takes anyplace from 7-20 days to open a present account at a financial institution department.
A present account is a fundamental facility required by any enterprise proprietor to doc and monitor their bills, manage money movement and permit for simpler calculations of tax liabilities. A present account for enterprise, subsequently, permits for deposits, withdrawals and accepts UPI transactions. The newly launched present account addresses the standard problems with lengthy ready intervals and permits a small enterprise proprietor to open a present account inside minutes.
The present account facility on the Chqbook App digitizes your entire technique of account opening. Any android smartphone enabled enterprise 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 can even make money deposits simply. Chqbook is growing the variety of money deposit factors to over 1 Lakh areas over the subsequent few months, which reduces the time taken to go to a faraway department to deposit money. Further, prospects obtain the benefit of a zero-balance present account together with a free debit card. The prospects can even avail a POS machine with one single click on on the Chqbook App.
Chqbook has obtained 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 cellular app brings collectively all of the monetary transactions a small enterprise proprietor should deal with, and these can be found on demand and at their fingertips. We wish to be sure that when a small enterprise indicators up with us, we provide all of them monetary companies that they should run and develop their enterprise and they don’t must step out and waste time. Our all new digital present account is a sport changer that may convey a major shift in the way in which digital banking companies are supplied to this underserved phase. Our launch at this time not solely appeals to our prospects with its localization however addresses on the bottom challenges, evident within the robust suggestions and early adoption. Going ahead, our efforts shall be to open at the least 20-25K present accounts in a month. Our aim is monetary inclusion at nationwide scale, and offering superlative buyer expertise by means of know-how, and we’re simply getting began” 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 enterprise house owners with digital entry to monetary companies, throughout banking lending and insurance coverage, 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 huge.
Chqbook is in early conversations with traders for its Series B fund elevate. The firm until date has raised a complete funding of $13 million from marquee traders 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.
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