Chqbook combines money management and insurance to target Indian SME

Indian neobank for small business owners Chqbook is now live. The company raised $5 million in financing to develop a mobile app for businesses to manage their financials. Features include applying for short-term and long-term business loans, purchasing insurance and accessing free bookkeeping services.

Founded in 2017, the company plans to scale to over 50 cities and expects to increase its customer base by 1 million during this financial year. It currently serves over 300,000 customers.

Through the mobile app, Chqbook offers a current account that rewards customers on daily transactions making it the first platform in the country to do so. The current account is powered by ICICI Bank and offers customers a lifetime zero-balance account, anywhere banking and safety and security from India’s largest private sector bank. It also allows business owners to collect payments by sending a payment link to their customers. Finally, Chqbook offers the ability to purchase life and health coverage for small businesses.

“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 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.” – Chqbook Founder & CEO, Vipul Sharma.