Amazon has signed an agreement to acquire Axio, a digital lending firm making credit accessible to underserved individuals and households across India. The acquisition is expected to enhance Amazon’s presence in the lending space, strengthening its efforts to provide affordable credit solutions in the country.
Financial terms of the deal were not disclosed, but two people familiar with the matter told TechCrunch that the size of the deal is over $150 million, according to TechCrunch. The transaction requires approval from the Indian central bank.
Axio, which has served over 10 million customers since its inception, has greatly democratised access to credit for the self-employed and low-income sectors. The company boasts an asset under management (AuM) of Rs. 2,200 crores and a gross non-performing asset (GNPA) ratio of 3%. The acquisition, pending regulatory approval, builds on the six-year business and equity partnership between Axio and Amazon.
Axio’s announcement on their website highlighted the successful completion of the due diligence process and the agreement’s signing in December. The company emphasised that Amazon has been an invaluable partner in its journey of growth, particularly in driving financial inclusion.
“This transaction will enable us to reach more underserved customers, diversify our offerings, and continue to innovate while maintaining a strong balance between customer experience, risk management, and affordability,” the statement reads.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
