IOI
Simpl is a credit wallet that allows users to make one-click online purchases and pay later. The firm claims that in the previous 18 months, the number of monthly active users has climbed by a factor of ten.
Simpl, a buy-now-pay-later (BNPL) fintech business, has secured $40 million in a Series B fundraising round headed by Valar Ventures and IA Ventures, with previous investors joining in.
According to CEO Nitya Sharma, the business plans to utilise cash from the newest round to add talent, especially engineers, as well as accelerate the rollout of new products and services.
According to Nitya, the new goods and services include a merchant fraud detection platform and a reward programme that merchants may provide to their frequent consumers. Simpl is also launching a “Pay-in-3” programme for millennials, which will allow customers to break their expenses into three equal monthly instalments.
According to the firm creator, a portion of the funds will be used to grow the company’s operations and enrol additional merchants to its system.
Simpl is a ‘khata’ for online trade that was founded in 2016 by Nitya and Chaitra Chidanand. It lets customers to borrow small-ticket things and pay them back when they are able.
The startup said it saw its monthly active merchants and users grow 10X in the last 18 months, led mainly by an increase in online shopping and a shift towards digital payments.
“Online checkout is built on a fragmented payment value chain that was created 60 years ago and has left the native-to-mobile retailers and consumers underserved,” Nitya said in the press release, adding, Simpl’s “fullstack checkout platform gives merchants ultimate control of user experience and helps them build trust with consumers at checkout.”
With this current round, Simpl’s total capital raised now stands at $83 million.
ZestMoney, a competitor, raised $50 million in a Series C round from Zip Co, an Australian stock exchange-listed BNPL firm, and existing investors, while Flexmoney raised $4.8 million in a Series A round from Pravega Ventures, Silicon Valley-based Z5 Capital, and a number of high-profile individual investors.
Simpl collaborates with approximately 7,000 businesses, including Zomato, 1MG, Jio, Makemytrip, Big Basket, and Crocs. It has so far processed 49 million transactions on its website.
