Amazon Acquires Fintech Lending Startup Axio

E-commerce giant Amazon is set to acquire fintech company Axio (formerly Capital Float). This will be Amazon's second acquisition in the Indian fintech sector after buying Emvantage.

“In December, after the successful completion of due diligence, we signed an agreement with Amazon for a proposed acquisition of Axio. The transaction will now await the required regulatory approvals,” said Axio in a blogpost.

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The acquisition aims to build on a successful six-year partnership that focused on providing accessible and affordable credit to customers across India, according to the company.

The acquisition fits into Amazon's larger plan to expand its financial services in India.

BNPL startup Axio recorded a 50% increase in revenue, rising to Rs 351 crore in FY24 from Rs 235 crore in FY23. In FY24, the company's losses dropped to Rs 18 crore, down from Rs 137 crore in the previous year. 

In August 2024, Axio rasied $20 million equity funding from Amazon Smbhav Venture Fund.

About Axio

The Bengaluru-based Axio, formerly known as Capital Float, It focuses on offering credit to self-employed people and households during purchases on major e-commerce platforms like Amazon and MakeMyTrip. 

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The company claims to serve over 10 million customers, with a loan book valued at more than $260 million.

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