Trouble brewing at Simpl?

Why read this story?

Editor's note: “Buy now pay later” has become the motto of some of the most prominent fintech startups around the world.  BNPL, as it’s commonly known, comes in different shapes and forms; in India, one of the early startups to pilot the concept was Bengaluru-based Simpl. The company offered a small credit line of sorts (around Rs 2,500), allowing users to make multiple purchases online and then pay it all in one go every 15 days; it also later added an option to make larger purchases and divide it over three equal payments, much like a standard EMI. India’s BNPL sector is estimated to be worth $11.5 billion in 2021 and will grow to $52.8 billion by 2028, according to a report by Research and Markets. While banks and non-banking financial companies are also providing BNPL or credit at the time of checkout, Simpl is one of the standalone players alongside ZestMoney, PayU’s LazyPay and ePayLater. But despite being one of the first movers in the space, Simpl found itself quickly overtaken by larger payments companies and fintech lenders keen on BNPL.  …