Amazon completes acquisition of digital finance providing company Axio

Bengaluru, Sep 5 (BVI)— Amazon has completed acquisition of Axio (formerly Capital Float), a leading digital lending and checkout finance provider in India, with the receipt of regulatory approval from the Reserve Bank of India (RBI).

The acquisition, one of Amazon’s largest in India, marks a milestone in Amazon’s commitment to expanding its financial services offerings in India, the company said in a statement.

This builds upon Amazon’s existing partnership with axio, which has been powering Buy Now Pay Later services for Amazon Pay in India for more than six years, it added.

“With only 1 in 6 Indian customers having access to checkout financing, growing access to credit is a fundamental priority for Amazon,” said Mahendra Nerurkar VP, Payments Amazon.

“Over the past six years, our partnership with axio has enabled us to unlock credit for more than 10 million customers. axio’s digital lending expertise combined with Amazon’s reach, technology know-how and bank relationships will help us expand responsible lending to millions more customers and small businesses in the coming years,” he added.

Axio, which has served over 10 million customers to date, will continue to operate under its current leadership team while integrating as a subsidiary of Amazon.

“Joining forces with Amazon marks an exciting new chapter for axio,” said Sashank Rishyasringa & Gaurav Hinduja, Co-founders at axio.

“This union will allow us to accelerate our mission to expand access to credit. With Amazon’s reach, customer centricity and balance sheet depth, we are well-positioned to take digital lending to the next 100 million Indians – responsibly and at scale,” he said.

The acquisition is expected to enhance Amazon Pay Later’s checkout finance and term loan capabilities and create new opportunities for innovation in digital lending services across India, especially in underserved areas. (BVI)