American e-commerce company Amazon is planning to invest in digital lending startup Capital Float, as the e-commerce giant is looking forward to expand its footprint in financial technology space. Capital Float which has until now focused on small businesses, is set to start consumer financing on Amazon’s platform.

Amazon India’s Investment in Fintech Space  

If the deal gets concluded, it would add Amazon India arrangement of interests in the fintech space separated from BankBazaar and Qwikcilver, even as it keeps on building its customer centered installments business under Amazon Pay to go up against Alibaba-sponsored Paytm and Flipkart’s Phonepe.

Capital Float’s Fundraise from Ribbit Capital

Capital Float had as of late raised $45 million (Rs 293 crore) in a Series-C financing round drove by Silicon Valley-based Ribbit Capital, with cooperation from existing speculators SAIF Partners, Sequoia India and Creation Investments. Post valuation this investment would value the company close to Rs 1,150 crore.

Amazon and Flipkart Focusing on Fintech

Both Amazon and Flipkart are focusing on fintech to boost offerings to customers, industry members said. Earlier, Flipkart was in talks with several lending companies for partnerships to start offering financial products. It is counting on financial services for profitability.

The company has appointed CTO Ravi Garikapati to head the fintech group, and is hoping to use client information for money related incorporation.