Simpl secures $40 Million to Fastrack Hiring, Product Growth Plans

Simpl secures $40 Million to Fastrack Hiring, Product Growth Plans

Simpl revealed it has raised $40 million in a Series B funding. The Buy-now-pay-later (BNPL) fintech aims to deploy the new funds to hire talent including engineers, as well as fuel the launch of its new products and features, founder Nitya Sharma reveals.

The new products and features include a fraud detection platform for merchants, and a loyalty programme that merchants can extend to their regular customers. Simpl is also launching a product called “Pay-in-3” for millennials that will allow them to split their bills over three equal payments every month.

Simpl to onboard new merchants and expand product range, reportes 10x growth in last 18 months

simpl is our new Startupstars

Expanding business and onboarding new merchants to its system, is also on the anvil the promoter states.

Founded in 2016 by Nitya and Chaitra Chidanand, Simpl is essentially a ‘khata’ for online commerce. It enables users to buy small-ticket size items on loan, and pay back later when they’re able to.

Simpl reporteed its monthly active merchants and users grew 10X in the last 18 months, led mainly by an increase in online shopping and a shift towards digital payments.

“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,” Nitya said in the press release, adding, Simpl’s “fullstack checkout platform gives merchants ultimate control of user experience and helps them build trust with consumers at checkout.”

Its competitors, ZestMoney raised $50 million in a Series C round from Zip Co, an Australia stock exchange-listed BNPL firm, and existing investors, while Flexmoney raised $4.8 million in its Series A funding from Pravega Ventures, Silicon Valley-based Z5 Capital and several marquee individual investors.

Simpl works with over 7,000 companies including Zomato, 1MG, Jio, Makemytrip, Big Basket, and Crocs, among others. It has enabled 49 million transactions so far via its website.

The latest round brings Simpl’s total funding raised to $83 million.The fresh round of funding was led by Valar Ventures and IA Ventures, as well as existing investors.