Indian buy now, pay later platform Simpl has raised $40 million in a funding round led by Peter Thiel's Valar Ventures and IA Ventures.
Simpl's flagship product,1-tap Pay Later, enables consumers to buy with a tap and have all the purchases across retailers on the network aggregated into one bill that can be repaid once every 15 days.
Earlier this year, Simpl released two new features, recurring subscription product Billbox for utility payments and a Pay-in-3 installment plan.
Simpl works with over 7,000 online merchants and has seen its network coverage expand by ten times over the past 18 months.
"Online checkout is built on a fragmented payment value chain that was created 60 years ago and has left the native-to-mobile retailers and consumers underserved," says Nitya Sharma CEO & co-founder of Simpl. "We built a fullstack checkout platform that gives merchants ultimate control of user experience and helps them build trust with consumers at checkout."
The latest investment brings the total capital raised by the company to $83M.