Online payments startup Simpl raises Series A round

Mumbai-based Get Simpl Technologies Pvt. Ltd, which runs payments startup Simpl, has raised an undisclosed amount in a Series A round led by US-based venture fund Green Visor Capital LP II, people close to the development said.

The round also saw participation from other investors, including 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.

Green Visor Capital, a fin-tech focused fund floated by former Visa CEO Joe Saunders, had invested an undisclosed amount as seed funding in Simpl last year, along with New York-based IA Ventures.

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

Law firm ARA Law assisted Green Visor in the transaction.

Co-founded by Nitya Sharma and Chaitra Chidanand in 2015, Simpl is an e-financing platform that enables customers to make purchases online. The startup has partnered online platforms such as BookMyShow, Faasos, FreshMenu and Nykaa, among others.

Of late, the fin-tech space has been the darling of investors, who are writing cheques generously to place their bets on the sunshine sector. A recent VCCircle analysis showed that since the beginning of the year, at least 25 fin-tech startups have raised venture funding.

The inflows have been well-distributed across the broader fin-tech space—while digital wallet firm Paytm may have got the biggest slice of the funding pie, raising a whopping $1.4 billion from SoftBank, online lending and payment gateway startups also elicited considerable interest from investors. Earlier this month, digital wallet player MobiKwik raised Rs 225 crore ($35.4 million) from Bajaj Finance Ltd.

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