ImpactAlpha, August 22 – Less than four months after Amazon backed Indian small business lender Capital Float, Capital Float has acquired personal finance company Walnut Management for $30 million. The move is part of a bid to help Capital Float expand into consumer lending.
Capital Float offers working capital and cashflow loans to merchants that sell goods on e-commerce sites like Amazon and Flipkart and which can’t qualify for a traditional small business loan.
Pune-based Walnut Management, meanwhile, is a personal finance mangement platform that allows people to make bill payments, monitor and manage bank account activity, and make digital payments. It also allows users to immediately secure loans of up to 100,000 rupees ($1,430). Walnut Management has about a million monthly users and 300,000 daily users, Inc42 reports.
Capital Float aims to expand its own credit services through Walnut Management, and Walnut’s credit assessment model.
In April, Capital Float raised $22 million from Amazon and $7.2 million in debt from Dutch impact investor, Triodos Investment Management.