Digital finance company Capital Float on July 6 announced it is unifying its core operations with Walnut and Walnut 369 under a new identity axio.
The move brings the company’s three consumer finance products - pay later, personal credit, and money management - together, said the rebranded firm axio.
Founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa, Capital Float, now axio, is the trade name for CapFloat Financial Services, a non-banking finance company.
“We see instant credit at checkout as a way to make purchases more affordable, but also as the perfect tool to enable the start of credit journeys for millions of customers. Our goal is to be there along these journeys, meeting larger financial needs as they arise, matching our customers’ repayment consistency with financial products that grow with them and reward such discipline,” said Rishyasringa.
According to the company, while the growth of UPI-led digital payments and e-commerce has been exponential, over 75% of consumers shopping online do not have a credit card.
axio said it aims to fix this gap by providing personal credit and a personal finance management platform, formerly known as the Walnut app to its users. The company also allows users to shop via its app where it showcases EMI offers from partner brands, it added.
“With NPAs (non-performing assets) at 1%, axio’s proprietary underwriting and collections infrastructure has been the bedrock of our risk management engine. This has enabled us to scale credit to the last mile at industry-leading low default rates,” said Hinduja.
The company said it has now served over 4.5 million credit customers. With over 12 million app users, axio has integrated with over 3,000 merchants to offer instant credit at checkout, including partners such as Amazon, MakeMyTrip, Razorpay, and PolicyBazaar, claimed axio in the statement.
The company had earlier raised funding from marquee investors such as Elevation Capital, Sequoia India, Lightrock, and Ribbit Capital.
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