Cardless payment network Simpl has secured $40m in its Series B funding round.
Valar Ventures and IA Ventures served as the lead investors, with commitments also coming from LFH Ventures and others.
The FinTech company provides merchants with tools to incorporate payment services, including 1-tap Pay Later, which lets consumers tap and have all purchases across retailers on the network aggregated into one bill that can be repaid once every 15 days.
Earlier in the year, the FinTech company launched Bill box, which ensures all utilities are automatically paid. It also released Pay-in-3, which allows customers to buy an item and pay for it across three equal payments over a three-month period.
In the past 18 months, Simpl has increased. Its active merchants and monthly active users by ten-times. It is currently working with 7,000 category-leading online merchants, including Zomato, MakeMyTrip, Big Basket, Jio Platform,1MG and Crocs.
Nitya Sharma CEO and co-founder Simpl said, “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.
“We built a fullstack checkout platform that gives merchants ultimate control of user experience and helps them build trust with consumers at checkout. 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.”
With the close of the round, the company has raised a total of $83m in funding.
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