Cardless payment network Simpl closed a $40 million Series B funding round to expand buy now, pay later (BNPL) in India, according to a Wednesday (Dec. 1) press release.
Simpl gives online retailers the ability to offer customers the option of embedded one-tap checkout, BNPL and buyer protection. The new infusion of capital brings the company’s total funding to date to $83 million, the release stated.
The round was led by Valar Ventures and IA Ventures with participation from LFH Ventures and other internal investors, according to the release.
See also: India’s BNPL Use Expected to Climb to $50B by 2026
“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,” said Simpl CEO and Co-Founder Nitya Sharma in the release. “We built a full stack checkout platform that gives merchants ultimate control of user experience and helps them build trust with consumers at checkout.”
Sharma added in the release that the platform’s “intuitive user experience, built on the bedrock of trust” will help speed further adoption of mobile payments and drive a bigger eCommerce marketplace.
Read also: Indian AgriTech Arya.ag Starts BNPL for Commodities
Simpl’s principal product, one-tap Pay Later, gives consumers the ability to buy with a tap and aggregate all purchases across retailers into a single bill that can be paid back in installments, the release stated. Simpl’s Billbox pays all utilities automatically, and Pay-in-3 enables shoppers to buy now and repay over three equal monthly installments.
Headquartered in Bangalore, Karnataka, India, Simpl has grown its monthly active merchants and monthly active users by 10 times over the past 18 months, according to the release. It works with more than 7,000 digital retailers, including Zomato, MakeMyTrip, Big Basket, Jio Platform, 1MG and Crocs.
See also: Buy Now, Pay Later Debit Cards Shift Share of Consumer Spend From Banks
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