Global e-commerce giant Amazon is set to acquire India-based fintech firm Axio, a leading player in the “Buy Now, Pay Later” (BNPL) space. The acquisition, valued at over $150 million, awaits approval from the Reserve Bank of India, as reported by TechCrunch.
“In December, after successful completion of due diligence, we signed an agreement with Amazon for a proposed acquisition of Axio. The transaction will now await the required regulatory approvals,” said Axio in a company blog post.
Axio, founded in 2013, specializes in consumer finance solutions, offering tools for money management, BNPL services, and personal loans. Its platform helps users budget, track expenses, and access instant credit with flexible repayment options, while also aiding in credit rebuilding. To date, Axio has served over 10 million customers and raised $226 million across 14 funding rounds from prominent investors such as Peak XV Partners, Ribbit Capital, and Elevation Capital.
“axio has filed an application with the regulator (RBI) for a change in control to Amazon and is awaiting approval. Post approval, Amazon’s proposed acquisition of axio would be completed,” an Amazon spokesperson said in a statement.
The acquisition aligns with Amazon’s efforts to enhance its financial services ecosystem. The company already offers Amazon Pay, featuring services like Amazon Pay UPI, Checkout by Amazon, and Pay with Alexa. Previous acquisitions in the fintech space include Emvantage Payments (India), PayFort (Dubai), and Tapzo.
With this move, Amazon aims to strengthen its foothold in India’s burgeoning fintech market and broaden its credit offerings to serve a wider audience, particularly in underserved segments.
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