Indian fintech start-up Nimbbl has announced the raise of $3.5 million in seed and pre-Series A funding rounds from Groww, a financial services platform, Sequoia Capital India and Global Founders Capital (GFC).
Founded in October 2020 by former Citrus Pay and PayU executives Anurag Pandey and Amit Bansal, the Mumbai firm offers 1-click checkout solutions with a list of various payment methods, including various Buy Now Pay Later (BNPL) options and the Government of India-backed Unified Payments Interface (UPI).
The firm says its technology enables merchants to personalise the checkout experience for their customers, resulting in a 40% higher payment initiation rate and over six to eight% increase in revenues.
Since its launch, more than 4,000 merchants use Nimbbl’s one-click checkout solution. It has also generated around $240 million of total payment volume in the fiscal year 2022-23 and between $970 million and $1.2 billion in 2023-24 with 20,000 merchants. The startup counts Riskified, Signifyd, Bottomline Technologies, Quantifind among its competitors.
Nimbll says it will use the funding from seed and pre-series A rounds to strengthen its product and market capabilities. Other investors include Amara VC, an American angel collective, Cred founder Kunal Shah, Pine Labs chief executive officer Amrish Rau, and others.