Capital Float: Digital financial company Capital Float rebrands as axio and consolidates offerings

Online capital financing platform Capital Floating combined its offerings – Capital Float, Walnut and Walnut 369 – and renamed itself “axio,” the blog post said on Wednesday.

The merger brings together financial services, pay later, personal credit and money management tools under one roof to meet the company’s growing customer base.

Founded in 2013 by Gaurav

and Sashank Rishyasringa, Capital Float, now axio, to trademark CapFloat financial servicesregistered as a non-bank financial company (NBFC).

CapitalFloat, now axio, began by providing financing to small and medium-sized businesses and then diversified to offer loans to consumers through a partnership with Amazon’s Pay Later product. With the integrated platform, the company will now focus on helping consumers improve access to credit.

Although the growth of digital payments and e-commerce has been exponential, more than 75% of consumers who shop online do not have a credit card, according to the company. To fill this gap, the company will provide credit and personal finance management platform, formerly known as the Walnut app, to its users. The company also allows users to shop through its app, which has EMI deals from partner brands.

“Of our population of 1.4 billion, only 30 million have a credit card. However, 150 million are now actively transacting in our digital economy. Responsible credit that solves affordability with technology is the only answer. In affordability-focused cash financing, we have found the perfect tool to enable millions of customers to start their credit journey. Our goal is to be there along the way, meeting larger loan needs as they arise,” the company wrote about the way forward in a blog post.

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Axio will now look to leverage its merchant base of over 3,000 to offer instant credit at checkout, including partners such as Amazon, MakeMyTrip, Razorpay and PolicyBazaar.

In a blog post, Rishyasringa and Hinduja noted that the company has reduced its default rate — cohort and gross NPLs — from 70% to 1%. It has grown to 4.5 million credit customers and plans to add a million new customers every quarter.

Last year,
Capital Float raised $50 million from major investors such as Elevation Capital, Sequoia India, Lightrock and Ribbit Capital. He also
in partnership with Razorpay extend its “buy now, pay later” solution – Walnut 369 – to all online merchants that support Razorpay.

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