DIGITAL
FINANCIAL FIRM CAPITAL FLOAT REBRANDS AS ‘AXIO’, UNIFIES OFFERINGS
Capital Float, an online platform for capital financing announced in a blog post on Wednesday that it has combined its two brands- Walnut & Walnut 369 and changed its name to “axio.”
In order to serve the company’s expanding customer base, the unification brings together checkout financing services, pay later, personal credit, and money management tools under one roof.
Capital Float Financial Services was established in 2013 by Gaurav Hinduja and Sashank Rishyasringa and is registered as a non-banking financial company under the name axio (NBFC).
CapitalFloat, now known as axio, began by
lending money to small and medium-sized businesses before diversifying to
provide loans to individuals through collaboration with Amazon’s Pay Later
service. The business will now attempt to further concentrate on assisting
consumers in gaining greater access to finance using the integrated platform.
WHAT LIES AHEAD OF UNIFICATION
Despite the exponential expansion of digital payments and e-commerce, the company claims that more than 75% of consumers who shop online do not have a credit card. To close this gap, the business will offer its consumers credit as well as a platform for managing their personal finances, formerly known as the Walnut app. Users may also shop through the company’s app, which features EMI deals from affiliated brands.
In order to provide quick credit at checkout, Axio will now try to use its network of over 3,000 merchants, which includes partners like Amazon, MakeMyTrip, Razorpay, and PolicyBazaar.
Rishyasringa and Hinduja said in the blog post that the firm has decreased default rates—cohort & gross non-performing assets—from 70% to only 1%. It has grown to 4.5 million credit consumers and anticipates gaining a million new ones every three months.
