Shillong, Sept 5: Amazon on Friday announced the completion of its acquisition of Axio (formerly Capital Float), a leading digital lending and checkout finance provider in India, following 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. 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.
“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.”
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.
