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Capital Float reaches 1 million customers; Rs 9,000 cr loans disbursed

Digital financial services provider Capital Float said it has crossed the one million customers milestone and has disbursed over Rs 9,000 crore till date to small businesses and retail borrowers

Capital Float | loans

Press Trust of India  |  New Delhi 

Imaging: Ajay Mohanty

Digital financial services provider on Tuesday said it has crossed the one million customers milestone and has disbursed over USD 1.2 billion (Rs 9,000 crore) till date to small businesses and retail borrowers.

has crossed 'one million lifetime customers' as more Indians find value in the company's credit services, it said in a release.

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, it added.

The company has disbursed over USD 1.2 billion (Rs 9,000 crore) till date to its MSME and retail customers spread across 300 cities in India.

Customers can avail flexible credit options such as instant zero cost or low-cost EMI, with customisable repayment periods, to fund their purchases online, it said.

Sashank Rishyasringa, co-founder, said,"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."

The company has set sights on impacting 5 million customers in next two years, its co-founder Gaurav Hinduja added.

Capital Float has on-boarded Karur Vysya Bank, RBL Bank, Northern Arc, Credit Saison, Poonawalla Finance, Muthoot and IndusInd Bank as partners for the lending business.

Founded in 2013, Capital Float is the trade name for Capfloat Financial Services Pvt Ltd. The company has raised funds from marquee investors like SAIF Partners, Sequoia India, LGT Lightstone Aspada, Ribbit Capital and Amazon.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, October 13 2020. 19:01 IST