Amazon (NASDAQ: AMZN) today 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). One of Amazon's largest acquisitions in India, the deal brings together Amazon's reach with Axio's digital lending expertise to expand credit access across India.
Amazon’s expanding financial services
The acquisition marks a milestone in Amazon's commitment to expanding its financial services offerings in India. This acquisition builds upon an over six-year partnership during which Axio has powered Buy Now Pay Later services for Amazon Pay, serving more than 10 million customers in India.
“With only 1 in 6 Indian customers having access to checkout financing, growing access to credit is a fundamental priority for Amazon,” says Mahendra Nerurkar, Vice President, Payments at Amazon India. “Over the past 6 years, our partnership with Axio has enabled us to unlock credit for 10 million+ customers. Axio's digital lending expertise combined with Amazon's reach, technology know-how and bank relationships would help us expand responsible lending to millions more customers and small businesses in coming years.”
An eye on the future
Axio, which has served over 10 million customers to date, will continue to operate under its current leadership team while integrating more deeply as a subsidiary of Amazon. "Joining forces with Amazon marks an exciting new chapter for Axio," say Sashank Rishyasringa and 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 build on our product portfolio and existing partnerships to take digital lending to the next 100 million Indians – responsibly and at scale,” they add.
The acquisition enhances Amazon's ability to offer innovative credit solutions across India, combining Axio's lending expertise with Amazon Pay Later to make purchases more affordable and accessible. This investment reinforces our commitment to India's digital future, with a focus on expanding credit access to underserved segments through simple, transparent, and fair products.
