Simpl Announces 40M in Series B Funding
PR93404
BANGALORE, India, Dec. 1, 2021 /PRNewswire=KYODO JBN/
Simpl, a cardless payment network with embedded 1-Tap Checkout, Buy Now Pay
Later and Buyer Protection, has raised a $40M Series B round led by Valar
Ventures & IA Ventures with participation from LFH Ventures and other internal
investors. This investment brings the total capital raised by the company to
$83M.
With Simpl, online merchants provide consumers an easy, safe and intuitive
way to buy. Its flagship product,1-tap Pay Later, enables consumers to buy with
a tap and have all the purchases across retailers on the network aggregated
into one bill that can be repaid once every 15 days.
Earlier this year, Simpl released two new features: Bill Box and Pay-in-3.
To reduce the friction of managing recurring payments, Billbox ensures all
utilities are paid automatically. To add greater flexibility for retailers and
consumers, Simpl's latest product "Pay-in-3" allows customers to buy what they
love now and pay for it over three equal payments every month.
Over the past 18 months, Simpl has grown its monthly active merchants and
its monthly active users by 10X. Simpl works with over 7,000 category-leading
online merchants including Zomato, MakeMyTrip, Big Basket, Jio Platform,1MG and
Crocs.
"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 Nitya Sharma CEO & Co-Founder of Simpl. "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."
"Simpl built the first payments network we've seen that treats small and
medium merchants as true partners," said Jesse Beyroutey, Partner at IA
Ventures. "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."
"India's e-commerce market is at an inflection point and we believe Simpl's
solution is a key enabler in accelerating adoption of digital payments in
e-commerce," said James Fitzgerald, Partner at Valar Ventures. "It
significantly improves consumer experience which is why it is quickly becoming
a preferred partner for merchants. The team has shown great execution and we
are excited to join their mission of democratizing e-commerce for all merchants
big and small."
India is one of the fastest growing ecommerce markets in the world but 60%
of all transactions are still done with Cash on Delivery, only 5% of the
addressable market have a credit card, & 25% of all electronic payments fail on
mobile (vs. less than 1% on Simpl). Simpl moves consumers away from cash,
increases cart conversion by 45% and increases Average Order Value by 20%.
About Simpl
Simpl[https://getsimpl.com/] is on a mission to empower merchants to own
their customer's checkout experience. With Simpl merchants are able to provide
consumers an easy, safe and intuitive user experience that builds a trusted
relationship between the two.
Simpl is easy to integrate for merchants and with platform features such as
1-tap checkout, buy now pay later, buyer protection and instant refunds, Simpl
is a trusted platform for over 7000+[https://getsimpl.com/merchants/]
category-leading online merchants.
To keep up with the latest updates, follow on
LinkedIn[https://www.linkedin.com/company/simplhq/mycompany/?viewAsMember=true]
Contacts:
Supriya Namrata
supriya.namrata@getsimpl.com
Logo: https://mma.prnewswire.com/media/1699082/Simpl_Logo.jpg
Source: Simpl
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