INSUBCONTINENT EXCLUSIVE:
India-based lending platform Capital Float has been busy raising capital, having closed an Amazon-led $22 million extension to its $45
million Series C last year — now it putting some of that capital work after it acquiredpersonal finance service Walnut.
The acquisition is
$30 million spread across cash and stock, the companies said, and it&ll boost five-year-old Capital Float move into the consumer space
The company has to date focused on serving SME and business customers, but last year it began to offer financial services
toconsumers.
Walnut helps consumers manage their finances and track spending, and it claims seven million downloads on Android
It also includes a feature — Walnut Prime — that offersan instant credit line
Already, it said, it has handed out nearly $15 million in consumer loans.
&Walnut Prime is a product of deep interest to us, and it will
essentially become a new addition
to our stable of exceptional, customized credit products,& Capital Float co-founders Sashank Rishyasringa
and GauravHinduja said in a statement.
