Bengaluru-based lending company Capital Float on Tuesday announced it has acquired Pune-based personal financial management app Walnut for $30 million (nearly Rs 209 crore).
Walnut has over seven million downloads on Google Play Store, an average rating of 4.4/5 and is featured in Google Editor's Choice list of Top 5 Financial applications.
The acquisition followed Capital Float's announcing its foray into the Consumer Finance vertical, emphasising a strong strategic focus on leveraging this lucrative borrower segment, the company said in a statement.
"We're excited to collaborate with Walnut, an accomplished member of the Fintech ecosystem. Their approach towards leveraging technology to solve financial concerns of the common individual was particularly impressive, and we eagerly look forward to working closely with them," said Sashank Rishyasringa and Gaurav Hinduja, Co-Founders of Capital Float.
Walnut helps users automatically track spends, bank and card balances, bill payments and split expenses within a group.
In July 2017, Walnut launched "Walnut Prime", an instant credit line that users can access on the app anywhere, anytime. This app-based credit line is centred on Walnut's "Prime Credit Score".
Walnut has crossed the Rs 100 crore-mark in loans to users on its mobile app.
"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," said Patanjali Somayaji and Amit Bhor, Co-Founders of Walnut.
â€śJust like Walnut, Capital Float has leveraged technology and big data analytics to deliver credit products to businesses and individuals across diverse segments. This partnership will enable us to provide end-to-end financial services to our 7 mn+ Walnut users and grow our Prime offering faster by leveraging Capital Floatâ€™s large scale capital supply and lending expertise,â€ť Walnut said in a statement.
Founded in 2013, Capital Float leverages technology and Big Data Analytics to deliver innovative credit products to businesses and individuals across the country.