According to TechCrunch, Simpl, a Bangalore-based financial technology startup, has completed a $40 million Series B financing ... The company has been established for six years and now plans to expand its "buy first and pay later" service in China.
This round of financing was led by ValarVentures and IAVentures. LFHVentures and some original investors also participated in this round of financing, and the startup has raised $83 million so far.
The picture was taken from official website.
Simpl cooperates with popular online brands to provide their customers with services that can be purchased without immediate payment.
In addition, Simpl has developed a series of products, including one-time payment function. NityaSharma, co-founder and CEO of Simpl, said that BillBox can automatically handle customers' recurring expenses and divide the bill into three parts, thus building a "full stack solution".
Simpl's partners include telecommunication network JioPlatforms, food distribution service Zomato, pharmacy 1MG, grocer BigBasket and ticketing platform MakeMyTrip.
"Buy first and pay later services have existed in India for several years, but it was not until recent quarters that these services began to develop rapidly with the expansion of e-commerce and digital payment coverage in India.
Sharma said that one of the reasons why these services are popular among consumers is that there is a trust deficit between them and the services. This shows that cash continues to be popular as a payment method for e-commerce companies.
Interestingly, a few months after Uber was launched in India, it allowed users to pay cash to cooperative drivers for the first time.
Sharma said that with services like Simpl, customers know that they don't need to pay immediately, and they have the ability to object to the transaction and ask for a refund quickly. Simpl uses its underwriting technology to determine which customers it can provide services to. For brands, a simpler checkout process also means a significant increase in conversion rate.
Sharma said that Simpl has established a full-stack checkout platform, which allows merchants to control the end-user experience and help them build trust with consumers when checking out. Simpl is like a hada or label of an online merchant. This intuitive user experience is based on trust, which will broaden the e-commerce market and make mobile payment more widely adopted in India and other parts of the world.
Simple said that in the past 65,438+08 months, its monthly active merchants and users increased by 65,438+00 times, and more than 7,000 brands currently use simple. Sharma said that the company now plans to further improve the consumer and business experience on its platform and expand it into new areas, including bringing Simpl to offline community stores and establishing loyalty programs.
The picture was taken from official website.
JamesFitzgerald, a partner of ValarVentures, said that India's e-commerce market is at a turning point, and he believes that Simpl's solution is a key driving factor to accelerate the adoption of digital payment in e-commerce. Simpl has significantly improved the consumer experience, which is why it has quickly become the preferred partner of enterprises. The team has excellent execution, and he is very happy to join the mission of Simpl to realize the democratization of e-commerce for all businesses, large and small.
In a recent report to clients, Bernstein analysts wrote that today's financial technology companies provide loans worth $500 million a year. They predict that this number will soar to $26 billion by 2025.