Credit and Finance for MSMEs: Gurugram-based fintech company Chqbook on Wednesday joined hands with National Securities Depository Limited (NSDL) Payments Bank to launch a zero-balance digital current account for small business owners. The Chqbook’s current account for business will allow businesses to make deposits, withdrawals and will also accept UPI transactions.
Small business owners like kiranas, chemists and others running small proprietorship establishments can open a current account on the Chqbook App from their smartphones in any of the eight languages available, including English.
The digital current account allows downloading of account statements, and adding and managing beneficiaries, while ensuring easy fund transfers with enhanced biometric security. The current account facility on the Chqbook App digitizes the entire process of account opening, said the company’s statement.
Vipul Sharma, Founder and CEO, Chqbook said “We want to ensure that when a small business signs up with us, we offer them all financial services that they need to run and grow their business.”
The digital current account will have zero maintenance charges and it will also provide a zero-fees Rupay debit card, the company said. In addition to that, customers will also have the option to avail a payment acceptance device and the point of sale machine through the Chqbook App.
Based on the traction the company received, Chqbook will open more than 100,000 current accounts within this financial year. “Going forward, our efforts will be to open at least 20-25K current accounts in a month,” said Sharma. The company claims to have 2,50,000 active users across India.
In addition to that, the fintech player is increasing the number of cash deposit points in more than one lakh locations in the next few months to reduce the time taken by entrepreneurs to go to a faraway branch to deposit cash.
The company till date has raised a total funding of $13 million from marquee investors including Aavishkaar Capital, Rajiv Dadlani Group, Earlsfield Capital UK, Harsha Bhogle, Bharat Shyam amongst others.