Fintech Simpl eyes 10x growth after announcement of $40 million Series B funding

Simpl is planning to fuel its growth further with a target of 10x growth in user base in the coming 18 months. This comes after the company announced a $40 million Series B fundraise led by Valar Ventures & IA Ventures, four years after its Series A round in 2017.

Simpl which has a user base of over seven million currently works as a khata or a tab for customers, keeping a track of how much credit they have sought and how they have used it across various online bill and e-commerce payments.

The company approaches BNPL as one of the checkout options with an idea to give its partner merchants the option to extend a pay later mode to customers. Additionally, the company introduced a product that allows customers to pay their bills in three tranches, called Bill Box.

Simpl is now competing with players like Uni and Slice which allow customers to pay their bills or repay credit in three tranches, besides other BNPL fintechs like ZestMoney, PayU's LazyPay, KrazyBee

As per a report by Macquarie, Simpl's user base is the highest among its direct competitors. The company also said it witnessed 10x growth over the past 18 months in monthly active merchants and users, and a 6x growth in business.