Amazon is set to acquire Axio. The acquisition, valued at over $150 million, awaits approval from the Reserve Bank of India (RBI), reportedly.
According to a blog post by Axio, after successful completion of due diligence in December, it signed an agreement with Amazon for a proposed acquisition of Axio. The transaction now awaits the required regulatory approvals.
Founded in 2013 by Sashank Rishyasringa and Gaurav Hinduja in 2013, Axio specialises in consumer finance solutions, offering tools for money management, BNPL services and personal loans. Its platform helps users budget, track expenses and access instant credit with flexible repayment options, while also aiding in credit rebuilding. To date, Axio has served more than 10 million customers and raised $226 million across 14 funding rounds from prominent investors such as Peak XV Partners, Ribbit Capital and Elevation Capital.
The acquisition aligns with Amazon’s efforts to enhance its financial services ecosystem. The company already offers Amazon Pay, featuring services like Amazon Pay UPI, Checkout by Amazon and Pay with Alexa. Previous acquisitions in the FinTech space include Emvantage Payments (India), PayFort (Dubai) and Tapzo.
With this move, Amazon aims to strengthen its foothold in India’s burgeoning FinTech market and broaden its credit offerings to serve a wider audience, particularly in underserved segments.
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