Simpl has raised $40 million in a Series B round

Fintech platform Simpl has raised $40 million in a Series B round drove by Valar Ventures and IA Ventures with participation from LFH Ventures and other internal investors. This investment brings the total capital raised by the company to $83 million.

Launched in 2015, Simpl enables merchants to possess their client’s checkout experience with platform features like 1-tap checkout, buy currently pay later, buyer security and instant discounts.

Earlier this year Simpl released two new features: bill box which guarantees all utilities are paid automatically and pay-in-3 which allows clients to buy what they want now, and pay for it more than three equal payments consistently.

The Bengaluru-based platform has developed its month to month active clients by 10X in the course of recent months and works with more than 7,000 online merchants including Zomato, Makemytrip, BigBasket, Jio Platform,1MG, Simpl and Crocs. Simpl contends with ZestMoney which also raised $50 million in its latest round in September.