The $40M Series B round brings Simpl's total funding to $57M. Here are the top-line bullets you need to know.
Simpl, a buy now, pay later (BNPL) services provider, has raised $40M in a Series B round that drew participation from IA Ventures and Valor Ventures.
How’s the company performing?
- India-based Simpl offers point-of-sale (POS) credit to its customers. Its cardless payment network offers features like one-tap checkout and buyer protection.
- 1-tap Pay Later, the company’s flagship product, unifies all of a consumer’s purchases to generate a single bill that can be repaid every 15 days via a single tap. It also offers Billbox, which automates utility payments, and Pay-in-3, which allows customers to pay for goods over 3 monthly installments.
- The startup’s monthly active merchant and user counts have increased by 10x over the past 18 months. It currently caters to 7M users and has partnered with more than 7,000 online merchants, including MakeMyTrip, Crocs, 1mg, Big Basket, and Zomato.
- The fintech company has processed 49M transactions to date.
Source: Simpl
Why does the market matter?
- The global digital lending platform market is projected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Today, BNPL accounts for a small portion of the overall annual spending on payment cards (including credit, debit, and prepaid cards) — which currently sits around $8T. However, BNPL is at an inflection point. By 2025, the global BNPL industry is expected to grow 10–15x its current volume, topping $1T in annual gross merchandise volume by some estimates. This growth trajectory has incumbents paying close attention and increasing their efforts to improve the digital user experience.
- There have been major acquisitions in this space as well, such as Square acquiring AfterPay for $29B.
