Chqbook — a finance technology startup that allows customers to explore, compare, book and get personal finance products, has raised an undisclosed amount of funding in a new round.
The funding round saw participation from YouWeCan-backed Startup Buddy, along with angel investors Apurva Chamaria, global head of corporate marketing at HCL; Sachin Arora, ex-CTO at Myntra; and Bharat Gupta, founder of Net Asset Consulting LLP, among others.
Commenting on this, Vipul Sharma, co-founder of Chqbook, said,
Financial products are quite complex and diverse and our model aims to provide complete and honest advise and support to retail consumers to take best decisions for their key financial needs. Currently, we provide only home loan on our platform and will be adding personal loans and credit cards shortly.
The startup operates a marketplace for financial products that brings suppliers, distributors and customers onto a single platform — both online and offline. Customers can explore loans and check their eligibility while Chqbook uses machine learning and complex algorithms to match customers to the right provider.
It currently operates in four major cities and claims to have over 400 plus experts on its platform. The fund raised will be deployed to expand to over 50 cities, and expand further into credit cards and personal loan services.
In India, as per the company, there are over 20 lakh financial service providers like insurance agents, direct selling agents and bank executives, who help process loans and cards
As per market estimates, in the personal finance industry, around ₹50,000 crore a month of home loans are disbursed out of which online is only 2%-3% but it’s been doubling each year.