Amazon has reached an agreement to acquire Indian buy now, pay later firm axio in a deal reportedly exceeding $150 million.
axio, formed from a merger of Capital Float, Walnut, and Walnut369, enables e-commerce platforms to integrate credit financing and money management tools at checkout. The company has served over 10 million customers and 3,000 merchants, providing essential pay later services for Amazon in India, which offers shoppers payment terms ranging from three to 12 months.
Amazon has had a relationship with axio for six years and made a $20 million investment in the firm last year through its Smbhav Venture Fund.
In December, after completing due diligence, the two companies signed a takeover agreement that is now pending necessary regulatory approvals. While financial details have not been disclosed, TechCrunch reports that the deal is valued at over $150 million.
In a blog post regarding the acquisition, axio stated: “This means reaching more underserved customers, diversifying our offerings to address more unmet needs, and continuing to strike the right balance of customer experience, risk management, and affordability as we strive to responsibly expand access to credit across the country.”