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.
“Online check-out 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 full-stack check-out platform that gives merchants ultimate control of user experience and helps them build trust with consumers at check-out,” said Nitya Sharma, CEO & Co-Founder, Simpl.
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 have a credit card, and 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%.