Simpl, a consumer loan provider, said in a statement on Wednesday that it had secured $40 million in a Series B investment headed by Valar Ventures and IA Ventures.
The investment included existing investors as well as a new investor, LFH Ventures. Simpl has already raised around $83 million in total equity financing.
Simpl, which has been around for five years, offers users easy credit through its ‘Pay Later’ solutions, which combine all purchases made across the network into one bill that may be reimbursed once every 15 days.
Simpl introduced two new services this year: Bill Box and Pay-in-3, which allow users to manage recurring payments and pay for products in three equal monthly installments.
“Online checkout is based on a 60-year-old fragmented payment value chain, which has left native-to-mobile retailers and consumers underserved.” We created a full-stack checkout platform that allows merchants complete control over the user experience and aids in the development of consumer trust at the point of sale. “Simpl is similar to a Khata or a Tab for online business,” stated Nitya Sharma, Simpl’s CEO, and co-founder.
Simpl claims to have ten-fold increased its monthly active merchants and monthly active users in the last 18 months. The exact data were not disclosed by the company.
“Simpl created the first payments network we’ve seen that regards small and medium-sized businesses as actual partners.” It provides merchants with the BNPL (Buy Now Pay Later), rapid checkout, and anti-fraud capabilities they require to compete in today’s market, all at a transparent and reasonable price.
“We’re eager to see Simpl bring a new generation of Indian customers and commerce enterprises online on an equal footing with incumbents,” said Jesse Beyroutey, partner at IA Ventures.
Zomato, Makemytrip, Big Basket, Jio Platform, 1MG, and Crocs are among the roughly 7,000 online retailers that Simpl currently works with.
