New Delhi, Oct 13 (IANS): Digital financial services company Capital Float has crossed one million lifetime customers with disbursements rising to over $1.2 Billion (Rs 9,000 crore) till date to MSME and retail customers spread across 300 cities in India.
Since the onset of Covid-19, the company has seen a surge in demand for its small-ticket digital credit facilities, particularly for making purchases online. It is now adding approximately 1,50,000 new customers per month, and is on track to double its existing customer base by the end of the year.
Customers can avail flexible credit options such as instant zero cost or low-cost EMI, with customizable repayment periods, to fund their purchases online. After becoming popular globally, "buy now pay later" is gaining significant traction among Indian consumers, offering both convenience and affordability options as the shift to online shopping continues to accelerate.
Capital Float's Personal Finance Management app, Walnut, crossed 10 million downloads in July 2020. Walnut goes beyond credit, helping users budget, save, track expenses and even buy insurance.
As the reality of Covid-19 set in earlier this year, the company launched video KYC and ensured credit lines were made available throughout this period. Covid-19 insurance was extended to existing and new customers and the 'find a store near you' feature went live on the Walnut app to help customers locate essentials' stores easily 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 one million customers via convenient and affordable credit products.
Capital Float along with its partners have developed one of India's largest co-origination models, which has seen nearly Rs 2,000 crore worth of loans being deployed to self-employed and salaried consumers. Partners like Karur Vysya Bank, RBL Bank, Northern Arc, Credit Saison, Poonawalla Finance, Muthoot Finance and IndusInd Bank have been helping Capital Float to serve its million customers.