Capital Float acquires Walnut in $30-mn deal

Digital lender eyes wider reach via app

Digital lender Capital Float said on Tuesday it had acquired Pune-based Walnut (Thumbworks Technologies Pvt. Ltd.), makers of a personal financial management app, in a deal amounting to $30 million.

Walnut is a personal finance management mobile application that helps users to automatically track expenses, bank and credit card balances, bill payments, and split expenses within a group.

The app has more than seven million downloads on the Google Play Store.

“We’re excited to partner with Capital Float as we aim to exponentially grow and bring Walnut and its intuitive features to millions of more Indians,” Patanjali Somayaji and Amit Bhor, co-founders of Walnut, said in a statement.

Consumer finance foray

The acquisition follows shortly after Capital Float announced its foray into the consumer finance vertical.

“Their [Walnut co-founders] 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,” Sashank Rishyasringa and Gaurav Hinduja, co-founders of Capital Float, said in a statement.

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