Entertainment · July 7, 2022

Capital Float: The digital financial company Capital Float changes its name to “axio” and unifies its offers

Online equity financing platform Capital Float has unified its offerings — Capital Float, Walnut & Walnut 369 — and rebranded itself “axio,” a blog post said Wednesday.

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

Founded in 2013 by Gaurav

and Sashank Rishyasringa, Capital Float, now axio, will be the brand name for CapFloat Financial Services, registered as a Non-Banking Finance Company (NBFC).

CapitalFloat, now axio, started out providing financing to small and medium-sized businesses and later diversified to offer credit to consumers through its partnership with Amazon’s Pay Later product. With the integrated platform, the company will now continue to focus on giving consumers better access to credit.

According to the company, over 75% of consumers who shop online don’t have a credit card, even though the growth of digital payments and e-commerce has been exponential. To fill this gap, the company will provide its users with loans and a personal finance management platform formerly known as the Walnut app. The company also allows users to shop through its app, which includes EMI deals from partner brands.

“In our population of 1.4 billion, only 30 million have a credit card. Yet today 150 million are actively trading in our digital economy. Responsible lending that solves affordability through technology is the only answer. In affordability-focused checkout financing, we’ve found the perfect tool to help millions of customers begin a credit journey. Our goal is to be on this path and to cover larger credit needs when they arise,” the company said in the blog post about how to proceed.

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

In the blog post, Rishyasringa and Hinduja pointed out that the company has reduced default rates — cohort and gross non-performing assets — from 70% to just 1%. It has grown to 4.5 million lending customers and expects to add one million new customers each quarter.

Over the past year, Capital Float has raised $50 million in funding from renowned investors such as Elevation Capital, Sequoia India, Lightrock and Ribbit Capital. It had also partnered with Razorpay to extend its buy now, pay later solution – Walnut 369 – to all Razorpay-enabled online merchants.

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