How The Pandemic Fueled The Rise of Buy Now Pay Later
2 hours ago
As the Indian consumer market shifted to online platforms to buy their goods during the last year, Buy-Now-Pay-Later (BNPL) or embedded finance options have become commonplace on most e-commerce platforms. These credit-payment options offer consumers a short loan for a specific purpose.
BNPL credit products or their technical embedded finance essentially offers customers a small loan instantly in certain stores or on e-commerce websites. The reason why it’s called embedded is because the financial component (BNPL) is within a larger product (say an e-commerce platform).
For instance, a student looking to buy a laptop on Amazon or Flipkart, can quickly apply for a loan to pay the Rs 30,000 bill. Within a few minutes, any of the BNPL and e-commerce partner lenders can check your credit score and offer you an instant credit line to pay for the product. All e-commerce apps from the stores to cab aggregators and food
Buy now pay later credit platform Capital Float on Tuesday said financing through its platform has crossed over Rs 2,000 crore by March 2021.
Capital Float said it has ended FY21 on a high note, crossing 20 lakh (2 million) lifetime customers a four times increase from March 2020, it said. It has now financed over Rs 2,000 crore worth of consumer purchases through its Buy-Now-Pay-Later (BNPL) model till-date, making it the fastest growing BNPL platform in India, it said in a release. Additionally, Capital Float s Walnut app surpassed the 500,000 active customers mark and has seen considerable traction for consumer credit, personal financial management and insurance.
[Product Roadmap] How fintech startup Capital Float is solving lending needs with its in-house technology
A product roadmap clarifies the why, what, and how behind what a tech startup is building. This week, we feature Capital Float, one of the early fintech startups founded in 2013.
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Sashank Rishyasringa and
Gaurav Hinduja saw a big gap in the Indian SME market, especially for lending. While ecommerce firms like Flipkart were picking up and growing, the sellers on the platforms, especially SMEs and MSMEs, were still finding it challenging to get a loan.
Wanting to address the problem using technology, Sashank and Gaurav started Capital Float in 2013.
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