Walnut acquisition is complete after India-based lending company Capital Float bought the personal financial management app in a cash-and-stock deal was valued at $30m.
As per the agreement, Walnut’s 35 employees will move from Walnut’s previous owner Thumbworks Technologies to Capital Float, reported Timesofindia.indiatimes.com.
Entering into the alternative payments space
With more than seven million downloads from the Google Play Store, Walnut app enables the users to track their expenses, bank and card balances and bill payments.
Additionally, it also allows splitting expenses among the members of a group.
In July last year, the app launched an instant credit line, Walnut Prime. The app has disbursed more than INR1bn ($14.4m) in loans to date.
The Walnut acquisition is expected to bolster Capital Float’s consumer lending business in which it forayed a few months ago.
Capital Float co-founders Sashank Rishyasringa and Gaurav Hinduja is quoted by the IANS as saying: “We’re excited to collaborate with Walnut, an accomplished member of the Fintech ecosystem.
“Their approach towards leveraging technology to solve financial concerns of the common individual was particularly impressive, and we eagerly look forward to working closely with them.”
Established in 2013, Capital Float said to have partnered with more than 250 companies to offer financial products and services across various verticals.
It has also raised funding from multiple investors, the latest being from ecommerce giant Amazon.