Chqbook launches 'Financial Control Center' on mobile to empower 60 million small business owners

A new mobile platform has been introduced by Chqbook, a neobank for small business owners like kiranas, traders, chemists, and others running proprietorships. Chqbook is aiming to bring world-class financial services to a huge under-served segment with this launch.

Positioned as the 'financial control centre' for the 60 million small business owners of India, the mobile app of Chqbook will place in their hands and on demand the power of managing day-to-day financial requirements as well as access to other financial products, helping them save time, effort, and money as their business grows.

Chqbook plans to scale up to more than 50 cities with the introduction of its new mobile app and aims to boost its customer base by 1 million during this financial year. The three-year - old start-up now serves more than 300,000 customers on its platform every month across the top 25 cities and more than 25,000 customers on board for different goods and services catering to small business owners.

Chqbook clients also get a free digital bookkeeping service inside the financial control centre-Chqbook Khata, which intuitively helps small companies to record debits and credits from clients and suppliers alike. In a first of its kind, the owners of small businesses will build and submit orders via the app to their providers. It also has functions for informing and monitoring that enable business owners to collect payments by sending their customers a payment connexion. It also claims to be the first outlet for an age-old practise to reward clients who wish to move to a digital transaction outlet.

Using creative insurance plans designed to keep the small business owner in mind, Chqbook customers can protect their stores, life, and health. Besides this, via pre-approved credit lines available inside the app, Chqbook also offers overdrafts to small businesses. The two-step method of checkout and the intuitive TARA AI engine claim to bring the best of technology and research together.

Mr Vipul Sharma, Founder & CEO, Chqbook said, "Small business owners are the lifeline for the local communities in which they operate and are responsible for lifting them up and providing employment at scale. Their success is an important cog in the government’s vision of an Atmanirbhar Bharat. At Chqbook, we are trying to empower India’s 60 million small business owners who are financially underserved and helping them realize their goals. Chqbook’s mobile app brings together all the financial transactions a small business owner must handle, now available on-demand and at their fingertips. Our ‘financial control center’ aggregates a simple to use the current account, traditional khata transactions, lending, and insurance. It brings all daily transactions in one place making them easy to access, so that small business owners can focus on what they do best — running and growing their businesses.”

Ms Sushma Kaushik, Aavishkaar Capital said, “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”.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.