Axis Bank on Tuesday said it will acquire more than 5 percent stake in fintech platform CredAble for Sh55 crore and the deal is expected to be completed by September.
The bank will acquire 8,921 shares, equivalent to 5.09 per cent, of a face value of Rs 10 each for Rs 55 crore in CredAble. The acquisition is expected to be completed by September 30, 2022, Axis Bank said in a regulatory filing.
CredAble is a fintech platform that facilitates working capital financing for vendors, suppliers, merchants and retailers through its network of financial institutions. It also licenses its technology to financial institutions as a branding solution.
CredAble incorporated in July 2018, had a total revenue of Rs 8.35 crore in 2021-22. In 2021, its revenue reached Rs 2.46 crore and Rs 27.64 crore in 2019-20.
Shares of Axis Bank closed at Rs 730.25 apiece on the BSE, down 0.10 percent from the previous price.
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