Amid the Fintech innovation boom that India has witnessed this past decade or so, buy now pay later services have started to gain quite a traction in past couple of years. As India’s younger population joins workforce and gets aspirational, there is an increasing tendency to go for credit on expensive purchases.
Tapping into that changing mindset is Simpl, and the platform has now got $40Mn to tap further into it. Valar Ventures and IA Ventures led the six-year-old startup’s Series B round. LFH Ventures and some existing investors also participated in the round. According to publicly available data, Simpl has raised some $38Mn till date.
Simpl, runs a pretty simple buy now pay later service. The company partners with brands across industries and sectors, and ties up with them to let customers pay at a later date, rather than paying at the moment.
Additionally, Simpl now also offers payments for a slew of regular bill payments such as mobile recharges, electricity, water, gas payments among others. Users can get a credit limit assigned to them, which they can then use to clear up these payments. They can then repay their used up credit and continue to enjoy the same benefits.
Launched in 2015, Simpl claims to have processed 47 Million transactions till date, done by some 7 million users on its platforms. The company has tie ups with over 5500 merchants, with the number slated to grow with this fresh fundraise.
