Bangalore based online lender has announced a $22m Series C extension from Amazon. This is an extension of its $45m Series C raised in the summer of 2017. Amazon India is among several e-commerce platforms that the company has partnered with to provide loans to sellers, including Snapdeal and Shopclues. The company wants to get to 30k new customers and origination $800m loans this year.
During the last six months, Capital Float added 50,000 new customers, bringing its total customer base to more than 80,000 people in more than 300 cities. The startup says it currently disburses more than 10,000 loans each month and now has an outstanding loan portfolio of more than $170 million, with a default rate of about 2 percent. About 70 percent of its loans are microloans ranging from 25,000 rupees to 500,000 rupees (about $376 to $7,530).