We’re excited to announce that Walnut has been acquired by Capital Float, the largest digital lender in India. We believe this partnership will help us in rapidly scaling our current products and create new innovative products and consumer experiences. As we leverage our collective strengths in online lending and personal finance management, we hope to serve you and our millions of customers even better.
The Walnut Story
Walnut was launched in November 2014 with an intention to simplify personal finance for the masses. Since then, we have helped over 7 million users manage their finances better. During demonetisation in November 2016, within a span of 48 hours, we conceptualised and introduced a “Find An ATM With Cash” feature which allowed users to find working ATMs with cash near them, along with denominations of notes and queue length. In July 2017, we launched Walnut Prime – a unique offering that enabled users of our app with no prior credit exposure a convenient way to access credit with easy repayment terms and no paperwork. Since then, we’ve enabled more than INR 100 crores in credit to our users.
Why Capital Float
Just like Walnut, Capital Float has leveraged technology and big data analytics to deliver credit products to businesses and individuals across diverse segments. This partnership will enable us to provide end-to-end financial services to our 7 mn+ Walnut users and grow our Prime offering faster by leveraging Capital Float’s large scale capital supply and lending expertise.
What it means for Walnut users
Nothing changes with regard to data security and user privacy. Both have been our top priority ever since the app was launched, and this approach has enabled us to be trusted by more than 7 million users. We have never shared any customer data with any third party and will continue to follow this policy even now. This partnership would enable us to expand our Prime offering from 8 cities currently to more than 30 cities. Walnut would continue to operate independently as part of the Capital Float family and we look forward to bringing you an even more exciting and innovative range of financial products from credit to insurance to wealth management.