NEO BANK CHQBOOK has launched a zero-balance digital current account in eight languages for small business owners in partnership with National Securities Depository (NSDL) Payment Bank.
The Gurugram-based fintech wants to target 63 million small business owners in India.
To avoid the lengthy paperwork-involved process, these entrepreneurs can open a current account and access their financial transactions through the Chqbook app. They can also get a zero fees Rupay debit card to keep a track of their basic expenses and cash outflow.
Account holders can also utilise all banking services, from downloading account statements to reconciling transactions.
Chqbook has raised $13 million in investment since its inception. Chqbook hopes to open more than 1 lakh current accounts this financial year.
“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,” said Vipul Sharma, founder, and chief executive officer of Chqbook. "Going forward, our efforts will be to open at least 20,000 to 25,000 current accounts in a month.”
Vipul Sharma, Rajat Kumar, and Mohit Goel founded Chqbook in 2017 as a neobank for small business owners by offering a bouquet of financial services, including banking, lending, insurance, and rewards. The fintech claims to have more than 1.6 million App downloads and 250,000 active users across India.
It is currently in talks with investors for its Series B fundraising.
Last September, Chqbook raised Rs 40 crore in a pre-Series B investment round led by existing investors Aavishkaar Capital and the Rajiv Dadlani Group as well as Earlsfield Capital UK and high net worth investors including Jeremy Lim, Bhupesh Kumar, and Nilesh Srivastava.
In March 2020, it raised Rs 35 crore in institutional funding from Aavishkar Capital.