FinTech startup Chqbook is has raised an undisclosed amount in fresh round of funding. The investors in this round include Startup Buddy, HCL’s global marketing head, Apurva Chamaria, Sachin Arora, ex-CTO at Myntra and Bharat Gupta, founder of Net Asset Consulting LLP, besides other minor investors.
Financial products could be a bit complicated for many ordinary citizens and there are portals which try and simplify things for people looking for specific products like insurance policies.
Chqbook is a startup that tries to help its customers avail home loans, personal loans and credit cards after providing them with the inputs to weigh the different alternatives available.
The freshly infused funds will be utilized to expand the geographic reach and possibly enlarge the product portfolio as well. The immediate target is to hit at least 50 cities.
Gurgaon-based Chqbook has operations only across four major cities. There are 400 experts on its platform to advise the customers on the products they are seeking details on. Though the overall objectives of the company include products like personal loans and credit cards also, Chqbook has so far been offering home loans only.
The way the Chqbook platform operates is to bring all stakeholders under one virtual marketplace. These include customers, the banks and NBFCs, which offer their products and the distributors for these products. The distributors are the direct customers of Chqbook and are allowed access on the platform to advise and make recommendations on the different loan products available and guide the customers to make the right choice to suit their needs. There’s an offline model to provide logistic support.