Get Simpl, an online payments startup which owns and operates ‘Simpl’, has raised an undisclosed amount in its Series A funding round. The round was led by US-based Green Visor Capital LP II.
The funding round also saw participation of 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.
The investment from Green Visor Capital, a VC firm by Visa CEO Joe Saunder, which led the funding round, is a follow-on investment. It had invested in company’s pre-Series A round. With this latest investment, Joe Saunders will join the company’s board.
Get Simpl was co-founded by Nitya Sharma and Chaitra Chidanand in 2015. Their product — Simpl, is an e-financing platform that enables customers to make purchases online and settle the transaction later, just like credit card. It has partnered with online platforms such as BookMyShow, Faasos, FreshMenu, and Nykaa, among others.
The company is aiming to provide a simple and transparent financial services 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.
There are no hidden fees for the customer using its platform. Simpl generates revenue from the fee that merchant partners pay the company for facilitating payment.
The finance technology market in India is witnessing increased interest of investors. Much of it has to do with the sudden boost in growth of such startups after the government’s demonetization move.
While the business model of Simpl is different from most other fin-tech startups in India, there are few startups that operates in similar way, including ePaylater and Lazypay by PayU.