Fintech firm Capital Float rebrands itself to axio, to unify its core business operations

Bengaluru-based digital finance company Capital Float on Wednesday announced its decision to unify its core business operations with Walnut and Walnut 369 under a new identity - axio.

The move combines the company's three consumer finance products — pay later, personal credit, and money management — together in line with their ambitions to ‘make credit a force for good in India’s growth story,’ as stated by the rebranded firm axio in a blog post.

Noting that the very ethos of the new brand axio is derived from the Greek word ‘axios’ meaning worthy, the founders emphasised that with the new firm and approach, they are looking forward to making credit accessible for all.

“For far too long, we as an industry have obsessed over who is credit worthy. It’s time to make credit worthy for all,” they added.

The non-banking financial company CapFloat Financial Services, formerly known as Capital Float and now axio, was established in 2013 by Gaurav Hinduja and Sashank Rishyasringa in Bengaluru. The company was founded with the idea of democratising access to credit in India through the use of technology, as stated by the founders.

Capital Float started out in SME finance segment with the objective of building retail credit in India.  However, after diversifying into consumer loans, the business increased its customer base from 400,000 to over 4.5 million, acquiring roughly a million new consumers a quarter. The company also did successfully in risk management, lowering default rates by 70 per cent and 1 per cent while seeing such rapid expansion since its establishment.

With the rebranded firm axio, the founders shared their vision to facilitate credit flow to customers alongwith other capital management services.

“At axio, our mission is to ensure that credit and finance are tools that everyone can proactively use to win in life. Not how we or society defines winning; but what each individual sees as important to their own growth,” the founders noted.

 

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