* Partner includes Franklin Templeton, Finuvo LLC and Catalina Finance
* Funding line will support close to $1bn in annual payment volume
* Simpl’s merchant base grew by 10X to 10,000 online retailers
Simpl – India’s leading Pay-Later platform – has secured an asset-based facility from Franklin Templeton, Finuvo LLC and Catalina Finance to fund the rapid growth of its 1-click pay-later offering. The funding line will support close to $1bn in annual payment volume.
The recent capital infusion, along with the Series B funding last year, will allow Simpl to accelerate the growth of its existing businesses, which have already demonstrated robust organic growth with minimal marketing spend, historically. Simpl will also be doubling its engineering, product, data science and sales teams to work on a suite of new merchant and consumer-facing products to enable zero friction commerce experiences. The company will continue to address the three fundamental frictions in e-commerce - user experience, trust and speed.
After growing its merchant base by 10x in the last 12 months to more than 10,000 online retailers, Simpl is seeing strong growth acceleration in user-base and payment volumes. Besides the growing merchant network that now includes bellwethers such as Jio, Zomato, Bigbasket and MakeMyTrip, Simpl’s growth is fueled by the rise of e-commerce and consumers’ increasing demand for safe, seamless and cashless premium payment options.
Commenting on the financing, Simpl’s Co-Founder & CEO Nitya Sharma said, “Since the pandemic broke out, Simpl has seen even more acceptance among new customer cohorts, thanks to the greater safety we offer via our 1-tap transactions. While the customer response validates our operating model, the current financing represents a landmark transaction by bringing blue-chip balance sheet partners on board, which will allow us to scale the business quickly and efficiently.”
“Finuvo is pleased to provide asset-backed financing in support of Simpl’s mission to enable a safe and seamless buying experience for consumers in India,” said Heather Hamilos, CEO of Finuvo LLC. “Simpl’s business model produces high-quality, short-duration receivables, and its underwriting mechanism has produced remarkably consistent results during a volatile period. The company’s strong credit performance and experienced management team give us the confidence to support its continued rapid growth.”
On the transaction, Russell Byrne, CFO – Simpl, added, “We are extremely pleased with the outcome of this transaction as we were most thoughtful with the structure to ensure Simpl has scalable access to a capital base of global investors. As the market appreciates the combination of low risk, short duration and high data visibility, we now have a robust team of funding partners and infrastructure in place to scale the business.”
Co-founded in 2015 by Nitya Sharma, Simpl is India’s fastest growing Buy Now Pay Later platform, and is on a mission to make payments invisible and money intelligent. Having secured more than $110 million from marquee investors such as Greenvisor Capital, IA Ventures, Valar Ventures, Recruit Strategic Partners, and FJ Labs, and garnered investor confidence from the likes of Franklin Templeton, Finuvo LLC and Catalina Finance, Simpl is on a mission to empower merchants to build trusted relationships with customers, one transaction at a time. With more than 10,000 available merchants, 7+ million users pan - India, Simpl envisions creating an inclusive digital payments experience for India that empowers and fosters trust between merchants and their customers.
Simpl is the leading Pay-Later platform in India, providing a full-stack solution for e-commerce conversion. It enables merchants to give their customers 1-click checkout, buyer protection and a pay-later facility to allow them to feel safe and trusted when shopping online. With Simpl, merchants are able to provide consumers an easy, safe and intuitive user experience.
Simpl is at the forefront of the digital payments revolution in India. Through the innovative offerings at affordable costs, their aim is to catalyze and simplify the payments domain. With proven technology expertise, Simpl is committed to the simplification and democratization of digital transformation in the payments space in India.