Capital Float unveils app-based consumer finance solution

Digital lender Capital Float unveiled its app-based consumer finance solution. It said by using this paperless product, partners can offer “Capital Float’s instant, no-cost EMI option” to consumers at the point of sale. The company said its tech-driven algorithms underwrite the consumer in real-time, ensuring instant approvals. “We have carefully built this product over the last year and are fully operational across 75 cities in India. “We are witnessing exponential growth in terms of disbursals and on an average, are adding 15,000 new consumers every month, aim to cross a customer base of two lakh by the end of this year through this financing solution,” said Sashank Rishyasringa, co-founder, Capital Float, in a statement. He said the company has already partnered with over 250 companies across verticals such as education, wellness, elective healthcare and travel.

The company said the ‘consumer finance solution’ operates on a digital model, wherein the application process is completed in under three minutes. Gaurav Hinduja, co-founder, Capital Float, said the potential of consumer lending sector is estimated to be between $10 billion-$12 billion. “The app-based, paperless process is designed to provide the highest degree of convenience to the partner and consumer,” said Mr. Hinduja.