Fintech start-up Simpl has raised $40 million Series B funding from Peter Thiel’s Valar Ventures and IA Ventures along with the participation of LFH Ventures and other investors.
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With this round, the total capital raised by Simpl has reached $83 million. Simpl’s flagship product is a ‘buy now pay later’ offering called 1-tap Pay Later. Earlier this year Simpl released two new features — Billbox and Pay-in-3. Simpl’s Pay-in-3 feature allows customers to pay for their purchases over three equal payments every month. Further, Billbox feature ensures that all recurring utility bills like electricity, gas, water, broadband bill, etc, are paid automatically and the bill is added to the customer’s Simpl Bill which can be cleared at one go every 15 days.
Push to mobile payments
Over the past 18 months, Simpl claims to have grown its monthly active merchants and its monthly active users by 10X. Simpl works with over 7,000 online merchants including Zomato, MakeMyTrip, Big Basket, Jio Platform, 1MG and Crocs.
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“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. We built a full-stack checkout platform that gives merchants ultimate control of user experience and helps them build trust with consumers at checkout. Simpl is like a Khata or a Tab for online commerce. This intuitive user experience, built on the bedrock of trust, will enable a larger e-commerce market and will lead to greater adoption of mobile payments in India and the rest of the world,” said Nitya Sharma CEO & Co-Founder of Simpl.
“Simpl built the first payments network we’ve seen that treats small and medium merchants as true partners. It offers the BNPL, fast checkout and anti-fraud features that merchants need to compete in today’s market, at a transparent, fair price,” said Jesse Beyroutey, Partner at IA Ventures.
E-commerce at inflection point
“India’s e-commerce market is at an inflection point and we believe Simpl’s solution is a key enabler in accelerating adoption of digital payments in e-commerce. It significantly improves consumer experience which is why it is quickly becoming a preferred partner for merchants. The team has shown great execution and we are excited to join their mission of democratising e-commerce for all merchants, big and small,” said James Fitzgerald, Partner at Valar Ventures.
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