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BENGALURU : Fintech startup Simpl, which offers buy now, pay later services, has raised $40 million in a Series B round led by Valar Ventures and IA Ventures, the company said in a statement.

Existing investors, along with new investor LFH Ventures, also participated in the round. Simpl has so far raised around $83 million. This year, Simpl released two new features, including ‘Bill Box’ and ‘Pay-in-3’, allowing users to manage recurring payments, as well as pay for products in three equated monthly instalments.

“We built a full-stack checkout platform that gives merchants ultimate control of user experience and helps them build trust with consumers at checkout. Simpl is like a Khata or a tab for online commerce," said Nitya Sharma co-founder and chief executive officer, Simpl.

In the past 18 months, Simpl claims to have grown its monthly active merchant base and users by ten-fold, but did not disclose the exact figures. “Simpl built the first payments network we have seen that treats small and medium merchants as true partners. We’re excited to see Simpl bring a new generation of consumers and commerce companies online in India, on a level playing field with incumbents," said Jesse Beyroutey, partner at IA Ventures.

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