Amazon has agreed to acquire Indian buy now, pay later firm axio in a deal reported to be worth more than $150 million.
Formed from a merger of Capital Float, Walnut and Walnut369. axio enables e-commerce storefront to embed credit financing and money management tools at the checkout. The firm has served over 10 million customers and 3000 merchants, providing the backbone for pay later services for Amazon in India, offering shoppers payment terms of between three and 12 months.
Amazon has a history with axio stretching back six years and just last year made a $20 million investment in the firm via its Smbhav Venture Fund.
In December, after completing due diligence, the two companies inked a takeover agreement, which now awaits required regulatory approvals. Financial terms have not been disclosed but TechCrunch reports the deal is worth more than $150 million.
Commenting on the deal in a blog, axio says: "This means reaching more under-served 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."