back Back

Capital Float finances INR 4 billion of purchases during COVID-19 on BNPL

By Edil Corneille

November 02, 2020

  • Capital Float
  • India
Share

Buy Now Pay Later, BNPL, Capital FloatCapital Float, an Indian digital financial services player, has reported having financed customer purchases worth INR 4 billion since March 2020 and witnessed a 350 percent growth in its buy-now-pay-later (BNPL) customer base in a span of 7 months when compared to FY20. The company has attributed this to the increasing number of Indians finding value in instant online credit.

Capital Float has tied-up with e-commerce and travel players to offer its instant online credit to millions of consumers pan-India. Earlier this month, it achieved its milestone of serving over a million customers. Driven by a 100 percent jump in BNPL customer numbers during the weeks of Indian e-commerce festive sales and the current trajectory of 200,000 new customers per month, the company expects to double its customer base to 2 million by the end of this fiscal year.

The customer base of Capital Float comprises of a mix of salaried and self-employed individuals spread across over 300 cities in India. ‘Buy now pay later’ increases the purchasing power of customers through flexible credit options such as instant zero cost or low-cost EMI with customisable repayment terms. This model is gaining significant traction among Indian consumers as well as globally, offering convenience and affordability options as the shift to online shopping continues to accelerate.

Gaurav Hinduja, Co-Founder, Capital Float said, “Buy now pay later as a product has proven to be a standout success among millennials who constitute a substantial part of digital India. We are offering this product across 8000 pin codes in the country. Over 70% of our customers are between 25-40 years of age and 20% are new to credit. These customers are looking for digital-first financial products to make everyday goods and services more accessible, convenient and affordable. With the shift to e-commerce, online bill payments & e-groceries since Covid, our buy-now-pay-later product has become increasingly relevant to customers in facilitating recurring and larger ticket purchases.”

Since the COVID-19 pandemic, the e-commerce sector is said to have grown rapidly. Capital Float has seen a 2X increase in online spending among its own customer base in September compared to pre-pandemic levels. As a consequence, the company has also witnessed a huge increase in demand for small-ticket digital credit facilities, particularly for online purchases.

Previous Article

November 02, 2020

Prime Trust launches PrimeCore, proprietary core banking software

Read More
Next Article

November 02, 2020

UFCU launches E Cash, short-term loans powered by QCash Financial

Read More







Advertise with us



IBSi Daily News Analysis

Monday

June 27, 2022

Capital Float

The Monday Roundup: what we are watching this week | June 27th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 27, 2022

Lokyata announces Systems Integration with Infinity Software

Read More

June 27, 2022

Kroo is now a fully licenced bank in the UK

Read More

June 27, 2022

NeoGrowth launches Accelerator business loan offering

Read More

Related Reports

Sales League Table Report 2022

£ 1,500.00 / year

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022