“Amazon Bolsters Financial Services with Acquisition of Indian Buy-Now, Pay-Later Startup Axio”
Amazon has recently announced its acquisition of Axio, an Indian buy-now, pay-later startup, as part of its expansion into the financial services industry in India. With a transaction totaling over $150 million, this move signifies Amazon’s commitment to deepening its presence in one of its rapidly growing markets.
With a focus on providing credit to self-employed individuals and households at the point of sale on major e-commerce platforms, Axio has established itself as a key player in the Indian market. Through its innovative lending platform, the startup aims to address the limited access to traditional credit in the country, where credit card penetration is low, and conventional banks often overlook small-ticket loans.
Despite the challenges faced by startups in this space, Amazon’s acquisition of Axio marks a strategic investment in the Indian financial sector. This move follows Amazon’s previous acquisition of the on-demand video streaming service MX Player, highlighting the tech giant’s significant presence and investment in the country, with over $10 billion deployed thus far.
As Amazon continues to expand its reach and offerings in India, the acquisition of Axio establishes the tech giant as a key player in the financial services landscape, with a focus on empowering individuals and households with accessible credit solutions.