Simpl

The drastic restructuring comes at a time when Simpl is grappling with regulatory headwinds. The company had around 220 employees on role and will now retain around 50-60 for payment collections.

RBI orders fintech Simpl to halt payment operations

The move comes after the Enforcement Directorate (ED) in July filed a case under the Foreign Exchange Management Act (FEMA), 1999, against Simpl and its founder-director, Nithya Nand Sharma, for alleged foreign exchange violations worth Rs 913.75 crore.

ED files Rs 913-crore FEMA violation case against fintech Simpl

The company received foreign investment for technology-related products and services but used it for financial services without the approval of the government or the regulator, the ED has alleged

BNPL startup Simpl hit by second round of layoffs, cuts 50 more jobs

The move comes less than a month after the Bengaluru-based fintech firm let go of about 160 employees, primarily in high-paying roles like engineering and product. While confirming the development, the company clarified that it is not 50 but 30 employees who are subject to the layoff.

BNPL startup Simpl lays off around 160 employees as part of cost-cutting measures

The layoffs, which sources said are aimed at becoming profitable by FY25, have most severely impacted Simpl's D2C checkout vertical

TPEM and Shell join hands to deploy EV charging stations across India

The partnership will leverage Shell’s widespread fuel station network and TPEM’s insights from over 1.4 lakh Tata EVs on Indian roads to set up chargers at locations frequently visited by Tata EV owners

Exclusive | Simpl eyes partnerships with banks, NBFCs

Last year, the Reserve Bank of India imposed regulatory restrictions on buy-now-pay-later fintechs, which Nityanand Sharma, CEO, Simpl, said gave a lot of clarity about the approach and principles to fintech players.

RBI’s digital lending rules cover the same ground, long way to go

Months after the RBI hinted that it is ready to release the norms, it has only approved 12 guidelines as hygiene norms to be followed by regulated entities keeping in mind customer safety. The key issue of thwarting unregulated fake apps through norms still remains unresolved.

Why SALT app was built: Every woman, earning or not, has money flowing through her life

It’s an app focused on helping women bring intuition back to money. The three women co-founders of the app say that within three months of a customer using SALT, it will help you to configure your money system, such that your bread and butter gets taken care of.

Simpl raises $40 million in Series B; co-founder clears air on lawsuit

While Simpl is eyeing 10x growth in its user base, it finds itself mired in a lawsuit filed against the company by erstwhile co-founder Chaitra Chidanand. The company will also have to wait for RBI guidelines on digital lending for further regulatory clarity.

With 10x growth for BNPL products during sales, fintechs gear up for a bumper festive season

Fintechs are hoping for a growth of anywhere between 50 and 150 percent in the usage of buy now, pay later products by customers for festive season purchases. Tier-II and III cities are driving demand across ticket sizes.

‘Buy Now, Pay Later’ is painful reminder of notorious NINJA mortgages

The BNPL formula offers shoppers the option of paying for purchase through a series of fixed installments, instead of all at once. It works well for those who don’t have sufficient savings and don’t have the credit record to get a zero-interest credit card

Online payments startup Simpl to focus on offline merchants this year

Simpl started pilot projects in December 2017 with a clutch of offline retailers in food and beverages segment and now has about 15 offline merchants on its platform.

New-age lending: Three startups you should keep an eye out for

Millennials and GenY are warming up to financial technology to take care of short-term finances. This new-age lending format is, to an extent, already disrupting traditional borrowing avenues.