Fintech startup Simpl has raised $40 million in its Series B round led by Valar Ventures and IA Ventures. Some existing ventures and LFH Ventures also participated in the round.

The startup offers the customers of popular online brands the ability to make purchases and then pay later.

Over the years, additionally, it has also developed a range of offerings including a one-time checkout feature; Bill Box, which allows customers to automate their recurring expense payouts, and splitting a bill into three parts, to build a “full-stack solution”, said Nitya Sharma, co-founder and chief executive of Simpl.

Some of Simpl’s partners include food delivery service Zomato, grocer BigBasket, telecom network Jio Platforms, pharmacy 1MG and ticketing platform MakeMyTrip.

With a service like Simpl, customers know that they don’t have to pay right away and have the ability to dispute transactions and quickly request a refund, said Sharma. The startup uses its own underwriting technology to determine the customers to whom it can offer its services, he said. For brands, too, an easier checkout process means the conversion increases significantly, he added.

“We built a full-stack checkout platform that gives merchants ultimate control of the user experience and helps them build trust with consumers at checkout. Simpl is like a Khata or a Tab for online commerce. This intuitive user experience, built on the bedrock of trust, will enable a larger e-commerce market and will lead to greater adoption of mobile payments in India and the rest of the world,” he said.

The startup said it has grown its monthly active merchants and active user base by 10 times in the past 18 months. Over 7,000 brands now use Simpl, the startup said. It now plans to work on further improving the consumer and merchants experience on its platform and also expand to new areas including bringing Simpl to offline neighbourhood stores and building a loyalty program, said Sharma.