Capital Float stays afloat with unique business ideas and collaboration with its strategic partners
Capital Float, India’s leading digital financial services player, has crossed ‘One Million Lifetime Customers’ and has demonstrated how Indians find usefulness in its credit services. The company in a statement said till the date they have dispensed over $1.2 Billion (INR 9,000 crore) in MSME and retail customers segment across 300 cities in India.
Capital Float along with its strategic partners Karur Vysya Bank, RBL Bank, Northern Arc, Credit Saison, Poonawalla Finance, Muthoot Finance and IndusInd Bank has developed one of India’s largest co-origination models which saw Rs. 2,000 crores worth of loans being disbursed, to self-employed and salaried consumers.
The company since the origin of COVID-19 has observed a demand wave for its small-ticket digital credit facilities, especially for shopping online and is adding approximately 1,50,000 new customers per month and is on course to multiply its current customer base by the year-end.
Customers can avail flexible credit options such as instant zero cost or low-cost EMI, with customizable repayment periods, to buy online. Buy now pay later” that was popular globally, is also gaining significantly in India due to online shift in buying. It offers both accessibility and affordability options to customers.
Walnut app, the personal finance management app acquired in 2018 has already crossed 10 million downloads in July 2020. The app offers users to automatically track spend, bank and card balances bill payments apart from splitting expenses in the group.
The company also launched video KYC to counter the issues it faced during the ongoing pandemic ensuring credit lines available to customers throughout the period. It also extended the COVID-19 insurance to both existing and new customers by launching a new feature ‘find a store near you’ on the Walnut app to help customers ease the difficulties faced in locating essentials’ stores during the lockdown.
Sashank Rishyasringa, Co-Founder, Capital Float said, “Our mission has always been to improve access through technology to finance for India’s “missing middle”. 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. We are excited to scale up these offerings to consumers across the country, especially in smaller towns and cities where the new-to-credit population is significant.”
Gaurav Hinduja, Co-Founder, Capital Float added, “Capital Float is well-positioned to meet the challenges in an uncertain environment, which is reflected in the exponential growth of our customer base during COVID. With collection efficiencies returning to 90%+ levels last month, we are eager to scale up credit to our customers and continue to provide value-added services. We have set our sights on impacting 5 million customers in the next two years through digital credit, powered by our proprietary underwriting models and growing co-origination platform.”