Capital Float crosses 1 million lifetime customers with disbursements of over $1.2 bn

BENGALURU: Digital financial services player, Capital Float, on Tuesday announced that it crossed ‘One Million Lifetime Customers’ as more Indians find value in credit services. The company said that it has disbursed over $1.2 Billion (Rs 9,000 crore) till date to its MSME and retail customers spread across 300 cities in India.

Since the onset of Covid-19, the company has seen demand surge for its small-ticket digital credit facilities, particularly for making purchases online. It is now adding approximately 150,000 new customers per month, and is on track to double its existing customer base by the end of the year.

Customers can avail flexible credit options such as instant zero cost or low-cost EMI, with customizable repayment periods, to fund their purchases online. After becoming popular globally, “buy now pay later” is gaining significant traction among Indian consumers, offering both convenience and affordability options as the shift to online shopping continues to accelerate.

Capital Float’s Personal Finance Management app, Walnut, crossed 10 million downloads in July 2020. Walnut helps users budget, save, track expenses and buy insurance.

The company launched video KYC earlier this year and ensured credit lines were made available. Covid-19 insurance was extended to existing and new customers and ‘find a store near you’ feature went live on the Walnut app to help customers locate essentials’ stores easily during the lockdown.

Sashank Rishyasringa, Co-Founder, Capital Float said in a statement, “Our mission has always been to improve access through technology to finance for India’s “missing middle”. We have taken a small step towards achieving this mission, having served more than 1 million customers via convenient and affordable credit products. Additionally, we have now facilitated financial planning and savings for over 10 million users via our Walnut app.”

Gaurav Hinduja, Co-Founder, Capital Float added, “With collection efficiencies returning to 90%+ levels last month, we are eager to scale up credit to our customers and continue to provide value-added services. We have set our sights on impacting 5 million customers in the next two years through digital credit, powered by our proprietary underwriting models and growing co-origination platform.”

Capital Float along with its partners have developed one of India’s largest co-origination models, which has seen nearly Rs 2,000 crore worth of loans being deployed to self-employed and salaried consumers.

Capital Float crosses 1 million lifetime customers with disbursements of over $1.2 bn Capital Float crosses 1 million lifetime customers with disbursements of over $1.2 bn Reviewed by TechCO on 10/14/2020 Rating: 5

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