Amazon Expands Fintech Footprint with Axio Acquisition

Amazon announced on Thursday that it has finalised the acquisition of Axio, a non-banking financial company formerly known as Capital Float, after securing clearance from the Reserve Bank of India.

Axio has partnered with Amazon for more than six years, offering flexible pay-later solutions to its online customers.

Amazon has finalised its purchase of Axio, earlier known as Capital Float, the company confirmed today.

Amazon described this deal as one of its largest in India, emphasising its commitment to expanding financial services in the country.

Mahendra Nerurkar, Amazon’s Vice President of Payments, said their six-year collaboration with Axio has helped provide credit to over 10 million people, and they plan to extend responsible lending to many more customers and small businesses.

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Amazon stated that Axio will retain its existing management team while becoming a subsidiary of the company.