Fintech startup, Simpl, secured $ 40 million aiming to boost the growth of its buy now, pay later (BNPL) service footprint in the world’s second-largest market.

Additionally, it is now said to work on further improving the consumer and merchant experience on its platform, as well as expanding into other areas such as introducing Simpl to local retailers and developing a reward program

Based in Bangalore, Simpl has connections to prominent online brands which helps it enable its customers to make purchases without having the need to make payments the moment a product is up for billing. Zomato, pharmacy 1MG, retailer BigBasket, and ticketing platform MakeMyTrip are just a few of its partners.

It has been observed that, over time, the startup has branched out a variety of offerings with one about a one-time checkout feature, Bill Box, that enables customers to automate their recurring expense payouts, added with another option of splitting a bill in three parts to pitch a full-stack solution.

BNPL services have been in India for many years, yet are starting to pick up their pace now as the e-commerce and digital payment systems brew efforts in expanding their reach in the country.

It happens that the trust deficit that exists between consumers and the services with which they are engaging is generally noticed as one of the aspects that is making these services popular among consumers.

Customers who use a service like Simpl seem to understand that they need not be required to pay immediately and that they can dispute transactions and get a refund quickly. The startup is thought to be using its own underwriting technologies to select which consumers it can serve. For brands, a simpler checkout procedure equals a higher conversion rate, as well.

The startup is said to have developed a full-stack checkout platform that allows merchants complete control over the user experience and aids in the development of consumer confidence at the point of sale. For online commerce, the startup seems to be in similarity with a Khata or a Tab. Its straightforward user experience, formed on the foundation of trust, is believed to enable a larger e-commerce industry and increase mobile payment usage in India and the rest of the world.

The six-year-old startup's Series B fundraising round was led by Valar Ventures and IA Ventures. According to the startup, which has raised $83 million to date, LFH Ventures and several current investors also participated in the round.

“We believe Simpl's solution is a crucial enabler in driving acceptance of digital payments in e-commerce”, says James Fitzgerald, partner, Valar Ventures.

“It tremendously improves the customer experience, which is why retailers are fast adopting it as a preferred partner. We're pleased to join their aim of democratizing e-commerce for all businesses, big and small, considering the team has demonstrated excellent execution”, expresses Fitzgerald.