Indian fintech start-up Simpl, which offers buy now pay later (BNPL) services, has bagged $40m in a Series B round, bringing its total funding to $83m.
The round was led by Valar Ventures and IA Ventures, who were joined by LFH Ventures and other internal investors.
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Simpl’s BNPL offering, 1-tap Pay Later allows customers to aggregate their purchases across retailers on the network into a single bill, which can be repaid once every 15 days.
Earlier this year, the firm introduced two new features Bill Box and Pay-in-3 to enhance its offering.
Bill Box ensures all utilities are paid automatically while Pay-in-3 enables buyers to pay for their purchases in three equal payments every month.
Simpl CEO and co-founder Nitya Sharma said: “We built a fullstack checkout platform that gives merchants ultimate control of user experience and helps them build trust with consumers at checkout.
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By GlobalData“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 ecommerce market and will lead to greater adoption of mobile payments in India and the rest of the world.”
IA Ventures partner Jesse Beyroutey added: “It offers the BNPL, fast checkout and anti-fraud features that merchants need to compete in today’s market, at a transparent, fair price. We’re excited to see Simpl bring a new generation of consumers and commerce companies online in India, on a level playing field with incumbents.”
Earlier this year, Australian BNPL player Zip invested $50m in fintech ZestMoney, thereby marking its strategic entry into the Indian BNPL market.
