Amazon completes acquisition of NBFC firm axio

New Delhi, Sep 4 (PTI) E-commerce firm Amazon on Thursday said it has completed the acquisition of non-banking financial services firm axio, formerly Capital Float, after getting approval from the Reserve Bank of India.

axio has been engaged with Amazon to facilitate buy-now-pay-later service to customers of the e-commerce firm for more than six years.

"Amazon today announced the completion of its acquisition of axio (formerly Capital Float)," the e-commerce firm said in a statement.

The acquisition, one of Amazon's largest in India, marks a milestone in Amazon's commitment to expanding its financial services offerings in India, the statement said.

"Over the past six years, our partnership with axio has enabled us to unlock credit for more than 10 million customers. axio's digital lending expertise combined with Amazon's reach, technology know-how and bank relationships will help us expand responsible lending to millions more customers and small businesses in the coming years," Mahendra Nerurkar, VP Payments, Amazon, said.

axio claims to have served over 10 million customers to date.

Amazon said that axio will continue to operate under its current leadership team while integrating as a subsidiary of Amazon. PTI PRS HVA