Chqbook (1), a fintech startup that focuses on small business owners like merchants, kiranas, and chemists, has launched several services. It includes a current account for daily transactions, short and long-term business mortgages, and insurance products.
The Gurugram-based fintech startup will render these features on its new mobile app. The firm is targeting a market that has more than 60 million small business merchants with a smartphone. Many of these small business owners still depend on manual logs to register their daily transactions while some of them do not even hold a bank account; hence, they don’t even have any credit access.
Chqbook focuses on addressing this gap by opening current accounts and offering financial products, including insurance and credit access, to bring small business owners to the formal economy.
Chqbook Draws All the Financial Transactions Needs of A Small Merchant in One Place
The fintech startup has launched a free online bookkeeping feature. It is called ‘Chqbook Khata’ that would easily support small business owners in managing supplies and orders in one place. With the launch, Chqbook marks its entry on the growing number of startups in the online ledger niche. OkCredit, backed by Tiger Global, Khatabook of Sequoia, is also part of the space.
After launching its new smartphone app today, Chqbook is now eying to expand its business over 50 cities across India. The firm is planning to increase its customer base to 1 million in 2020. The 3-year-old firm already has over 300K customers from the top 25 cities of India. Every month, the platform is on-boarding more than 25,000 customers for several products and services that caters to small merchants.
The mobile app of Chqbook draws all the financial transactions that a small business owner needs to handle at his fingertips. The app offers all daily transactions in one place. Hence, it is easy to access small business owners, enabling them to focus on running and growing their businesses, stated Vipul Sharma, the Chqbook founder and CEO.