Capital Float acquires Walnut in deal amounting to $30 million

Moneycontrol News

Digital lender Capital Float has acquired personal finance management company Walnut in a deal amounting to $30 million.

The acquisition comes shortly after Capital Float announced its foray into the consumer finance vertical, emphasising a strong strategic focus on leveraging this lucrative borrower segment.

"Our sensibilities and objectives aligned with theirs, which largely paved the way for our decision to join hands with the company...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," Sashank Rishyasringa and Gaurav Hinduja, Co-founders of Capital Float, said in a statement.

In July 2017, Walnut launched Walnut Prime, an instant credit line that users can access on the app anywhere, anytime. While a traditional bureau score is derived on the basis of existing loan and credit card repayment behavior, the Prime credit score takes into consideration an alternate data range that includes one's income, purchase behavior, earning capacity and security savings.

"Since we launched Walnut, we have been focused on simplifying personal finance for our users. We're excited to partner with Capital Float as we aim to exponentially grow and bring Walnut and its intuitive features to millions of more Indians. We believe having Capital Float on our side opens up an immense set of opportunities by leveraging their strength in online lending and financial products with our innovative approach to consumer experiences," Patanjali Somayaji and Amit Bhor, co-founders of Walnut, said in a statement.

Original Source: https://www.moneycontrol.com/news/business/startup/capital-float-acquires-walnut-in-deal-amounting-to-30-million-2865711.html