Indian fintech start-up Simpl lands $40m in Series B funding
Bangalore-based fintech start-up Simpl has completed a $40 million Series B round.
The company has a cardless payment network with one-tap checkout and buy now, pay later (BNPL) and buyer protection facilities.
The round was led by Valar Ventures and IA Ventures with participation from LFH Ventures and other internal investors.
The investment brings the total capital raised by the company to $83 million.
Simpl’s flagship product is ‘1-tap Pay Later’, which allows consumers to buy with a tap and have all purchases across retailers on the network aggregated into one bill that can be repaid once every 15 days.
Simpl claims to work with over 7,000 online merchants including Zomato, MakeMypngTrip, Big Basket, Jio Platform, 1MG and Crocs.
India is one of the fastest growing e-commerce markets in the world but 60% of all transactions are still done with cash on delivery.
Only 5% of the addressable market has a credit card, and 25% of all electronic payments fail on mobile.
By moving consumers away from cash, Simpl claims to increase cart conversion by 45% and increase Average Order Value by 20%.