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Capital Float, the fintech startup focused on providing credit, has stated that it has financed over Rs 2,000 crore worth of consumer purchases through its buy-now-pay-later (BNPL) model for FY21.

According to a statement issued by Capital Float, it has crossed two million lifetime customers, which was a 4x increase from March 2020.

Capital Float’s Walnut app also surpassed the 500,000 active customers mark. According to the startup, the fourth quarter of FY21 itself saw over 220 percent increase in BNPL disbursals when compared to the similar period of last fiscal.

Capital Float Co-founder and MD Gaurav Hinduja said, “Our ‘Buy Now Pay Later’ offering has emerged as a popular choice for millennial Indians in the 25-40 years age group, who make up nearly 70 percent of our customer base.”

He further added, “These customers represent the next frontier for financial services, as nearly 50 percent of them don’t possess credit cards, 40 percent had never taken a personal loan before, and over half reside in non-metro cities.”

Capital Float also claimed that it has a collection efficiency of over 96 percent for FY21.

According to Capital Float, it has been adding over 150,000 customers each month through value-driven online credit offered across ecommerce, travel, edtech, and other key sectors, and across a wide range of personal needs. 

The company ended FY21 at a monthly disbursal run rate of Rs 140 crore, with a net non-performing asset of 1.56 percent.

According to Capital Float, it has executed a robust BNPL model across Tier I, II and III cities, with a reach of more than 10,000 pin codes across India. The company has also issued small-ticket term loans to over 70,000 self-employed individuals, business owners, and salaried professionals across the country.

Founded in 2013, Capital Float has raised funding from investors such as Elevation Capital, Sequoia India, Lightrock, Creation Investments Capital Management LLC, Ribbit Capital, and Amazon.