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HomeTechDigital financial firm Capital Float rebrands as ‘axio’, unifies offerings

Digital financial firm Capital Float rebrands as ‘axio’, unifies offerings


Online capital financing platform Capital Float has unified its offerings – Capital Float, Walnut & Walnut 369 – and rebranded itself as ‘axio’, it said in a blogpost on Wednesday.


The unification brings checkout finance services, pay later, personal credit, and money management tools under one umbrella to cater to the company’s growing consumer 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 off by providing financing to small and medium enterprises, 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 look to further focus on helping consumers better access credit.

According to the company, while the growth of digital payments and ecommerce has been exponential, over 75% of consumers shopping online do not have a credit card. To fix this gap, the company will be providing 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 which has EMI offers from partner brands.

“In our population of 1.4 billion, only 30 million have a credit card. Yet, 150 million now actively transact in our digital economy. Responsible credit, that solves affordability through tech, is the only answer. In affordability-focused checkout finance, we found the perfect tool to enable the start of a credit journey for millions of customers. Our goal is to be there along that journey, meeting larger credit needs as they arise,” the company spoke about the way forwards in the blogpost.

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Axio will now look to tap into its over 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 & gross non-performing assets — from 70% to just 1%. It has scaled to 4.5 million credit customers and expects to add a million new customers each quarter.

Last year,
Capital Float raised $50 million in funding from marquee 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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