Amazon has made a bold move in India’s fast-growing fintech sector by acquiring Axio (formerly Capital Float) for $200 million (~₹1,600 crore) in September 2025. This deal gives Amazon a coveted NBFC (Non-Banking Financial Company) license, enabling it to manage the entire lending cycle — from credit approval and disbursal to collections and risk management.

Axio is a leading digital lender and NBFC in India, trusted by over 10 million users. It offers Buy Now, Pay Later (BNPL) solutions at checkout, personal loans, and small business credit for those excluded from traditional banking. Notably, Axio already powered Amazon Pay Later, making the acquisition a natural extension of their partnership.

For Amazon, the deal aligns with its larger fintech ambitions. India represents a massive market where only one in six customers currently use checkout loans, leaving a significant opportunity for expansion. Owning Axio allows Amazon to design and scale its own loan products, reach first-time borrowers, and bring underbanked users into the financial system. The acquisition also strengthens Amazon Pay, enhancing its ability to compete with Google Pay and PhonePe by embedding credit into everyday transactions.

Early investors including Peak XV, Lightrock, Ribbit, and Elevation exited through the deal, while Axio’s leadership continues under Amazon. With this move, Amazon gains the tools to expand into SME loans, seller financing, and consumer credit, solidifying its position as a serious fintech player in India.