Capital Float reaches 1 million customers; ₹9,000 crore loans disbursed2 min read . Updated: 13 Oct 2020, 06:48 PM IST
- Walnut, Capital Float’s Personal Finance Management app, crossed 10 million downloads in July 2020
- In the wake of coronavirus pandemic, the company has witnessed a surge in 'small-ticket digital credit facilities'
Digital financial services provider Capital Float on Tuesday said it has crossed the one million customers milestone as "more Indians find value in its credit services." The company said that has disbursed over ₹9,000 crore till date to small businesses and retail borrowers.
In the wake of coronavirus pandemic, the company has witnessed a surge in "small-ticket digital credit facilities, particularly for making purchases online" in the last few months. It is now adding approximately 150,000 new customers per month, and is on track to double its existing customer base by the end of the year, it added.
Walnut, Capital Float’s Personal Finance Management app, crossed 10 million downloads in July 2020. Walnut goes beyond credit, helping users budget, save, track expenses and even buy insurance, the company said. Walnut has recently introduced ‘find a store near you’ to help customers locate essentials’ stores easily during the lockdown.
The company launched video KYC and ensured credit lines were available amid coronavirus outbreak. COVID-19 insurance was extended to existing and new customers. Customers can avail flexible credit options such as instant zero cost or low-cost EMI, with customisable repayment periods, to fund their purchases online, it said.
Commenting on Capital Float's journey, Sashank Rishyasringa, co-founder 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."
"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," he added.
On future outlook, Gaurav Hinduja, co-founder, Capital Float added, "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."
Capital Float is a credit led digital financial services company. Along with its partners, the service provider have developed one of India’s largest co-origination models, which has seen nearly ₹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 highly instrumental in enabling Capital Float to serve its million customers," the company added.