Simpl is a cardless payment network that enables 1-click checkout, buy now pay-later, and buyer protection for e-commerce in India. Simpl’s aim is to make payments invisible and money intelligent. It envisions creating an inclusive digital payments experience that empowers and fosters trust between merchants and their customers. Simpl is one of the leading players in the ‘pay later’ space with a network of 5,500+ merchants including category leaders like Jio, Zomato, Dunzo, BigBasket, and MakeMyTrip.
“Simpl’s offering enables introduction of trust between the retailer and consumer by enabling the khata like settlement of transactions post purchase. In addition, Simpl delivers exceptional transaction success rates (99%+) to online retailers. Typically the industry sees payment failures to the tune of 20-30%”,Nitya – CEO & Co-founder -Simpl.
We are a small-ticket, mobile-first platform that offers easy credit at points-of-sale (PoS) and ecommerce checkouts. We provide a credit range of INR 1.5-20K for a 15-day cycle with no interest, but charge a small penalty as late fee.
We have more than 25 mn approved users and more than 90% of our monthly users are repeat users. Apart from building our B2C credit line, we have worked with thousands of merchant partners to develop an integrated payment option for their merchant partners. This helps digital shoppers transact on those merchant platforms with one-click checkouts and often results in multiple or repeat purchases due to ease of usage. Earlier, complexities in payment gateways or OTP failures used to drive customers away resulting in incomplete transactions, but our hassle-free checkout has reduced cart abandonment.
We function as a conversion platform and increase our merchant’s order volume by creating a better checkout experience for consumers. Through our partnerships with merchants across verticals, particularly food delivery, we have seen the average order volume increase by 20-40% and the frequency by 1.5-2x. Payment failures also came down by 10-30% after using Simpl.
We’re very excited at the prospect of creating a new age full stack financial network that enables us to empower our merchant partners to build trusted relationships with their consumers. BNPL is a breakout category and we at Simpl are on a mission to create India’s largest BNPL business by working closely with merchants and consumers to solve their problems
About Nitya Sharma
Nitya Sharma, Co-Founder & CEO, Simpl
Nitya Sharma is the Co-founder & CEO of Simpl where he focuses on executing the long-term vision of the company and developing the business and product strategy. A Financial Mathematics graduate from the University of Michigan, Nitya started his professional career at Bear Stearns in the mortgage-backed securities group in 2004 before joining the collateralized debt obligations and credit correlation groups at Goldman Sachs as a Vice President. Before co-founding Simpl in 2015, Nitya was a structured credit investor at a New-York based hedge fund.