India-based lending platform Capital Float has been busy raising capital, having closed an Amazon-led $22 million extension to its $45 million Series C last year — now it’s putting some of that capital to work after it acquired personal finance service Walnut.
The acquisition is $30 million spread across cash and stock, the companies said, and it’ll boost five-year-old Capital Float’s move into the consumer space. The company has to date focused on serving SME and business customers, but last year it began to offer financial services to consumers.
Walnut helps consumers manage their finances and track spending, and it claims seven million downloads on Android. It also includes a feature — Walnut Prime — that offers an instant credit line. Already, it said, it has handed out nearly $15 million in consumer loans.
“Walnut Prime is a product of deep interest to us, and it will essentially become a new addition
to our stable of exceptional, customized credit products,” Capital Float co-founders Sashank Rishyasringa and Gaurav Hinduja said in a statement.