Amazon to acquire fintech firm Axio

Indian fintech firm Axio announced that it has been acquired by Amazon after a multi-year partnership with the e-commerce giant.

“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 blog post.

Amazon and Axio previously had a six-year equity partnership, but they did not reveal the specifics of the takeover. Axio specialises in providing credit to customers, with a focus on those using e-commerce services.

However, TechCrunch reported that the deal was worth over $150 million, citing anonymous sources.

“We have achieved steady growth with robust asset quality, having served over 10 million customers till-date with an AuM of Rs. 2,200 crores and a 3% GNPA. Amazon has been an invaluable partner in this journey, and we have more to accomplish together,” said Axio.