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Capital Float acquires personal finance firm Walnut for $30M

Digital lending company Capital Float has acquired personal finance management application Walnut for $30 million. As a part of the acquisition, Walnut’s founders Patanjali Somayaji and Amit Bhor will join the leadership team of Capital Float. While Capital Float's statement did not contain the financial or any other details of the acquisition, multiple reports indicate that Walnut’s 35-member team will be absorbed into Capital Float, which will bring Capital Mind's headcount to 650. Reports also indicate that the acquisition is a cash-and-stock deal. With the acquisition, Capital Float hopes to boost its recently launched app-based consumer financing business particularly through Walnut’s direct digital credit line business, Walnut Prime. The service employs Walnut’s credit assessment model, dubbed ‘Prime Credit Score’, which captures data from alternative sources such as income and purchase capacity, to extend credit lines to new customers. Capital Float also…

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