Amazon has acquired Indian Buy Now, Pay Later (BNPL) specialist Axio, formerly known as Capital Float.

Founded in 2013, and headquartered in Bengaluru, India, Axio is a digital consumer finance company that specialises in providing digital lending solutions with a particular focus on BNPL.

It offers a range of services, including pay-later and credit offers, non-banking finance company (NBFC) services, credit for self-employed and households at the point of sale, and credit worthiness assessments.

The acquisition aims to help the company expand its customer base by reaching more underserved customers and diversifying its offering.

Axio announced the acquisition in a blog post where it explained that the transaction had been successfully completed in December following due diligence. The companies are now awaiting the necessary regulatory approvals.

Amazon first backed Axio via its Amazon Smbhav Venture Fund during its extended Series C funding round in 2018.

At the time, Amazon acquired an eight per cent stake in the company. The initial investment marked the beginning of a six-year partnership focused on providing accessible and affordable credit across India.

In August 2024, Amazon Smbhav Venture Fund further invested $20 million in Axio as part of Axio’s growth strategy to enhance its expansion of its leading operations, checkout finance options, and credit products.

Co-founders at Axio  Gaurav Hinduja and Sashank Rishyasringa said in a joint statement at the time: “By combining product innovation with robust underwriting and risk controls, our aim is to unlock access to credit for the next 200 million customers across India.”

Axio says that it has achieved steady growth with robust asset quality, having served over 10 million customers.

It also intends to focus on strengthening its customer service, risk management and service accessibility.

“We’re energised by what lies ahead and the opportunities to create meaningful change,” said the company’s statement. “For now, it’s back to business, as we remain committed to our mission and the partners and customers we serve.”

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