FinTech startup Simpl gets undisclosed amount in Series A round funding

Mumbai-based fintech startup Get Simpl Technologies Pvt. Ltd has secured an undisclosed amount in its Series A round of funding led by US-based fintech VC firm, Green Visor Capital LP II.

Launched in 2013, Green Visor Capital had closed its maiden fund at $50 million. In May 2016, the venture fund announced that it had raised over $51 million for its $200 second fund.

The current round also saw participation from the investors like IA Venture Strategies Fund II LP, Boillot Family Trust, Russell M Byrne, The Oliver R. Grace, Jr. Millennium Trust, SF Capital Investments LP and DIA Investments LLC.

Co-founded in 2015 by Nitya Sharma and Chaitra Chidanand, Simpl is an e-financing platform that enables customers to make purchases online without cards or wallets.

The concept is similar to the other startups such as ePaylater and Lazypay by PayU, offering customers the option to ‘Buy now and Pay later’ on online fashion portals, ticket booking websites and even food ordering portals.

There are no hidden fees for the customer using these platforms. These startups generate revenue from the fee that they charge from merchant partners for facilitating payment.

At present, Simpl has partnered with a few online platforms such as BookMyShow, Faasos, FreshMenu and Nykaa, among others.

The company is aiming to provide a simple and transparent financial service to everyone with a smartphone with a click of a button, in real time. It is targeting young and mobile-savvy Indian middle class, who use mobile commerce for regular purchases.